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Interest booked in nbfc
If there is a listed NBFC borrow amount from other companies and in loan agreement it is mentioned that interest will be payable on half yearly or yearly but what will be the treatment on interest and TDS thereon in quarterly financial statements (in case of listed company)??
Replies (2)
The interest income has to be disclosed in GSTR-1 and GSTR-3B based on whether the interest is payable half yearly or monthly.
Further, where the interest is booked in the financial statements, then the requirement to make tax deduction under source under Income Tax would arise.
Agree with Mr. Mayank reply
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