Interest on unsecured loan
This query is : Resolved
03 April 2012
Dear Experts,
please help me to calculate interest @ 9% p.a
for F.Y. 11-12
opening bal 75.00 lac cr
loan taken 9.06.11 Rs. 25.00 lac
loan taken 26.03.12 Rs. 30.00 lac
loan taken 28.03.12 Rs. 17.50 lac
loan taken 29.03.12 Rs. 02.50 lac
Total loan amount as on 31.03.12 is 150.00 lac
i have calculated as
75.00 LAC 1.04.11 to 8.06.11 =68 days
100.00 lac 9.06.11 to 25.03.12 =290 days
130.00 lac 26.03.12 to 27.03.12 =1 day
147.50 lac 28.03.12 =1 day
150.00 29.03.12 to 31.03.12=2 days
please let me know if am going right or wrong ?
please help me to calculate interest @ 9% p.a
for F.Y. 11-12
opening bal 75.00 lac cr
loan taken 9.06.11 Rs. 25.00 lac
loan taken 26.03.12 Rs. 30.00 lac
loan taken 28.03.12 Rs. 17.50 lac
loan taken 29.03.12 Rs. 02.50 lac
Total loan amount as on 31.03.12 is 150.00 lac
i have calculated as
75.00 LAC 1.04.11 to 8.06.11 =68 days
100.00 lac 9.06.11 to 25.03.12 =290 days
130.00 lac 26.03.12 to 27.03.12 =1 day
147.50 lac 28.03.12 =1 day
150.00 29.03.12 to 31.03.12=2 days
please let me know if am going right or wrong ?
03 April 2012
If u add all the days, whether it is coming out to 366 days or not is the check. But the total days is 362 only. Hence, u r doing incorrectly.
Days to be taken as below:
1-Apr-11 to 8-Jun-11 = 69 days
9-Jun-11 to 25-Mar-12 = 291 days
26-Mar-12 to 27-Mar-12 = 2 days
28-Mar-12 to 28-Mar-12 = 1 day
29-Mar-12 to 29-Mar-12 = 1 day
30-Mar-12 to 31-Mar-12 = 2 days
Totally 366 days.
Days to be taken as below:
1-Apr-11 to 8-Jun-11 = 69 days
9-Jun-11 to 25-Mar-12 = 291 days
26-Mar-12 to 27-Mar-12 = 2 days
28-Mar-12 to 28-Mar-12 = 1 day
29-Mar-12 to 29-Mar-12 = 1 day
30-Mar-12 to 31-Mar-12 = 2 days
Totally 366 days.
03 April 2012
The days are:
69
291
2
1
3
69
291
2
1
3
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- Eway bill not cancelled within 24 hous what can be due
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
