Tds on unsecured loans
This query is : Resolved
07 January 2011
Dear Experts,
My company has given Rs 7,50,000.00 as un-secured loan in may 2008 now the party has repaid the same in 2 installments one in dec 2010 and other in Jan 2011 now what my doubt is on this amount how can we calculate interest and from which date it is to be calculated and the interest is simple interest can any one please solve this and determine the interest amount it is very urgent
Thanks in advance to Experts
My company has given Rs 7,50,000.00 as un-secured loan in may 2008 now the party has repaid the same in 2 installments one in dec 2010 and other in Jan 2011 now what my doubt is on this amount how can we calculate interest and from which date it is to be calculated and the interest is simple interest can any one please solve this and determine the interest amount it is very urgent
Thanks in advance to Experts
07 January 2011
Interest is to be calculated from the date of loan given till the date of repayment and the same is to be charged as per the rate agreed between the parties and the interest can be simple interest or compounded. For TDS on interest the same needs to be deducted @ 10% on accrual basis at the end of the financial year.
Interest amount 750000*50/100*33/12*12/100
750000*50/100*34/12*12/100
Interest amount 750000*50/100*33/12*12/100
750000*50/100*34/12*12/100
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
