interest on loans and advances
This query is : Resolved
11 July 2011
A company(non banking financing company) gives a loan of 75 lac to another company(resort). They charge interest @ 13% P.a.My question is
1)under which head(income tax act 1961) interest will be taxable?
2)how much TDS should be deducted?
1)under which head(income tax act 1961) interest will be taxable?
2)how much TDS should be deducted?
11 July 2011
Interest on secured or unsecured loan which ever is applicable, under that head expenditure to be booked.
Tds to be deducted at 10% on interest is applicable u/s 194A.
Tds to be deducted at 10% on interest is applicable u/s 194A.
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