Tax Audit 269SS & T
This query is : Resolved
01 September 2008
Is Interest charged on Loan during the year
added Or not
in Loan Taken /paid during the year Colum
Plese Clarify
added Or not
in Loan Taken /paid during the year Colum
Plese Clarify
01 September 2008
TO BE ADDED. PL REFER CIRCULAR 522 DT 18-8-1988 AND 479 DT.16-1-1987.
CA. O.P. Agarwalla
(Expert)
20 April 2010
I am sorry to disagree with Mr. Chakrapani. I don't think that interest accrued should be reported as loan/ deposit received or accepted.
21 June 2010
interest is covered
VINOD ARORA
(Expert)
03 August 2010
I believe, opinion of Mr Chakrapani is correct in view of the fact that interest accrued on the deposit/loan and credited to the account periodically or otherwise partakes the character of a deposit/loan and as such becomes a deposit/loan itself, so the same should also be considered.
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