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INTEREST ON UNSECURED LOAN

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(Querist)
07 September 2009 SIR,
PLEASE HELP ME OUT

IS IT NECESSARY TO CREDIT INTEREST FOR UNSECURED LOAN IN CASE OF INDIVIDUAL

IF YES

IS IT NECESSARY TO DEDUCT TDS IN SUCH CASE.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
07 September 2009 If the individual is following merchantile method then you have to credit interest on unsecured loan and if he is following cash basis the same will not arise.

Further for individual tds provisions are not applicable.

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