Tax Audit 269SS & T

This query is : Resolved

Radhika (Querist)
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01 September 2008 Is Interest charged on Loan during the year

added Or not

in Loan Taken /paid during the year Colum

Plese Clarify

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 September 2008 TO BE ADDED. PL REFER CIRCULAR 522 DT 18-8-1988 AND 479 DT.16-1-1987.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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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.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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21 June 2010 interest is covered

VINOD ARORA

VINOD ARORA (Expert)
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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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