Please enlight ther treatment of interest accrued on loans issued by cooperative banks.
1) Whether accrued interst can be tken to Profit and whether it will attact t income tax
2) what is the treatement if it is non performing
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Income taz treatment of accrued interest on loans of co-ops
Replies (1)
you have to take interest as income from other source....yes it will attract income tax. If it is a non-performing still charge it on accrual base. and make necessary entry for NPA IN B/S
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