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Interest on unsecured loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2015 as now from 01/04/2014 company cannot accept deposits/loans from shareholders.
interest accrued on unsecured loan(accepted before 01/04/2014) which is not considered as deposits is yet not paid.
does it considered as loan /deposit accepted during the year.
actually its o.s expenses payable.
please give your suggestions.
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Pratik Shah

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Pratik Shah (Expert)
20 April 2015 Yes, you are correct. It will not be considered as deposit accepted during the year.

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