Provision for interest & tds
This query is : Resolved
Anish Chowdhary
(Querist)
10 September 2019
I have a Pvt. Ltd. company and i have given unsecured inter corporate loan to a company. The Company is not paying interest neither refunding the principle.
During prior years the company was deducting tds and depositing the same. But during f.y 18-19 the said company didn't deduct any tds and deposited the same. They have also not returned our signed confirmation for f.y 18-19.
This year i.e f.y 19-20 we have filed a case in court for the same calling for refund of my money along with interest.
So, should i provide for interest and tds in my books for f.y 18-19 or not.
During prior years the company was deducting tds and depositing the same. But during f.y 18-19 the said company didn't deduct any tds and deposited the same. They have also not returned our signed confirmation for f.y 18-19.
This year i.e f.y 19-20 we have filed a case in court for the same calling for refund of my money along with interest.
So, should i provide for interest and tds in my books for f.y 18-19 or not.
11 September 2019
You can provide for interest but not for tds in your in your books of accounts.
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