Interest on unsecured loan
This query is : Resolved
29 December 2012
Interest on unsecured loan should be debited to capital account or should be considered to compute gross total income. If taken directly to capital account it will reduce capital and if routed through P/l it will reduce tax liability as the loan is taken to earn income.
Please tell me what will be the right accounting and tax treatment
Please tell me what will be the right accounting and tax treatment
29 December 2012
Interest A/c Dr.
( Grouped Under Indirect Exp.)
Mr. A A/c Cr.
( Grouped Under Unsecured Loan)
T.D.S A/c Cr.
If interest Is greater than 5000/-
( Grouped Under Indirect Exp.)
Mr. A A/c Cr.
( Grouped Under Unsecured Loan)
T.D.S A/c Cr.
If interest Is greater than 5000/-
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