Interest on unsecured loan
This query is : Resolved
CA SHUBHAM
(Querist)
14 September 2014
hello , i want to know that kya unsecured loans par Interest charge karna Mandatory hai in the books of a/c, & if yes then what will be the minimum and maximum rate upto which interest can be charged. Also explain whether tds will be deducted if interest is charged on unsecured loan. ?
Thanks In Advance....
Thanks In Advance....
Nikhil Kaushik
(Expert)
14 September 2014
it is not mandatory. But always advisable to charge. There is no minimum or maximum rate.
TDS is to be deducted as per section 194A
TDS is to be deducted as per section 194A
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