Interest on unsecured loan
This query is : Resolved
19 February 2009
Is it mandatory to give interest on unsecured loan. If not what query income tax department can rain above the amount of unsecured standing in books.
19 February 2009
no it is not mandatory to pay interest.it simply based an loan agreement. Income tax can only ask the transaction detail and enquiry from those persons.
19 February 2009
If you are not paying interest then query will be from those, who are not charging Interest from you and hence not showing their income. Practically, it creates unnecessary questionings in income tax.
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