Tds applicability on interest due on loan but not paid
Querist : Anonymous
Querist : Anonymous
company is following accrual system of accounting.
and if you are following accrual system you need to pass due entries as it is expense related to this financial year whether you paid or not,
and you should give credit to party for interest amount by debiting interest to p&l
so even you paid or not if interest is due for month you need to pass entry in books as per accruel basis and as per that you need to pay tds on it..
if you have not paid tds on expence claimed in p & l account it will be disallowed as an expence under secion 40(a)(ia)
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