Interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 November 2010
As per companies act schedule VI if interest is accrued and due then it will be added to loan account.But ITR-4 & ITR-6 has a separate column in balance sheet under current liability ,i.e interest accrued and due and interest accrued but not due.Shall we make 2 different balance sheet in case of tax audit?
09 November 2010
You cannot prepare 2 balance sheet.
09 November 2010
No need to prepare two separate balance sheet. The ultimate effect is same in both cases. Just show the amount separately.
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