TDS deduction - Loan repayment from chit Fund Company
This query is : Resolved
21 March 2020
Hi ,
We have taken Rs 30L from a Chit Fund Company. and We have to repay the company 15% extra amount to Company with 30L amount in a year.
Please tell me how to pass the entry and is TDS is applicable to the excess amount?
Thanks
Dinesh
We have taken Rs 30L from a Chit Fund Company. and We have to repay the company 15% extra amount to Company with 30L amount in a year.
Please tell me how to pass the entry and is TDS is applicable to the excess amount?
Thanks
Dinesh
05 May 2020
Loan Account - Dr. 30 L
Interest on Loan - Dr. 4.5 L
Bank Account - Cr. 34.50 L
Interest on Loan - Dr. 4.5 L
Bank Account - Cr. 34.50 L
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