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)
Quick Summary
This discussion clarifies the accounting treatment and TDS implications for interest booked by listed NBFCs, particularly when interest is payable half-yearly or yearly. It highlights the need to disclose interest income in GSTR-1 and GSTR-3B based on the payment frequency. Furthermore, it confirms that booking interest income in financial statements triggers the obligation for Tax Deducted at Source (TDS) under the Income Tax Act.

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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