Loan related
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2012
sir,
my client has purchase byke for business purpose,he financed from bank ,for income tax purpose it's interest we add as indirect expences but, bank take EMI includes both principle and interest,principle can diduct indirect expence? how the entry of this transecion?
my client has purchase byke for business purpose,he financed from bank ,for income tax purpose it's interest we add as indirect expences but, bank take EMI includes both principle and interest,principle can diduct indirect expence? how the entry of this transecion?
25 July 2012
Only interest portion need to be debit in Indirect expenses as Fiance expenses, principal portion need to debit in loan account
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