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Compensation Accounting

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 December 2010 Hi, We have to pay compensation of Rs.25 lakhs to vendor for utilisation of funds from August 2006 to Sept 2010, can you explain how to account this expenses in this financial year?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
21 December 2010 May be booked as interest charges.
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 December 2010 If we take as interest we need to deduct TDS but we dont want to deduct
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