we are private limited company. we have taken loan of Rs. 4 lacs from one of our director on 26.02.2016, but did not charge interest on it in f.y.2015-16. now can we charges interesr for 13 months (i.e. from march 16 to march 17) in F.Y.2016-17. or I have to charges inerest for 12 months only (i.e. from april 16 to Mar 17). What should i do! also suggest tds amount to be deducted on it. does I have to deduct TDS @ 10%?
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Interest on loan from directors
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go for 12 months
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