Asst.Manager Finance
25 Points
Joined September 2008
Our company is importing raw material from a foreign company. The foreign company has raised an invoice for Usance interest in addition to an invoice for material cost. Whether such interest shall be includible for valuation of raw material (As per AS-2)? Whether tax is deductible on such interest as per the provisions of Sec195 of IT act?
Kindly reply as soon as possible.
CA.Sidhartha Prusty