Treatment of interest on loans & advances in income tax
This query is : Resolved
01 February 2017
If a person is having loans & advances and earning interest thereon, then what would be the treatment of interest earned thereon?
can we show it in income side of p&l a/c?
And what would be the effect on loans & advances on assets side?
Is the interest earned be added to the same?
What if some part of loans & advances is received?
How will this effect interest and loans & advances?
can we show it in income side of p&l a/c?
And what would be the effect on loans & advances on assets side?
Is the interest earned be added to the same?
What if some part of loans & advances is received?
How will this effect interest and loans & advances?
01 February 2017
1.Interest on loans & advances can be shown in P&L a/c as other income
2.Interest earned need not be added in loans & advances
3.Only,interest not received will be shown in loans & nadvances
2.Interest earned need not be added in loans & advances
3.Only,interest not received will be shown in loans & nadvances
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