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Unsecured loans

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(Querist)
19 August 2008 sir i want to ask following questions on U/S Loans:

1.Whether it is mandatory to charge interest on unsecred loans for financial year 2007-08 if we have charged interest in the last financial year 2006-07?

2.Whether it is mandatory to charge interest on each unsecred loans if loan provider is not related with assessee?
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Jitender

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Jitender (Expert)
19 August 2008 1 ) it is not mandatory.
2 ) it is not mandatory.
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jatinderkumar

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jatinderkumar (Querist)
19 August 2008 what wil be its effects?????

sir my client is not charging interest on the avoid disallowance becoz party has not deducted TDS on such interest

so wt wil the posible solution in such case?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
20 August 2008 Take a letter of interest waiver from the lender.
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