Interest on unsecured loans
This query is : Resolved
14 September 2012
Is there any Compulsion to pay Interest on Unsecured loan or whether they can be Interest free?
14 September 2012
There is no problem to the receiver of the loan but it may create problem to the person giving the loan.
14 September 2012
No Where Written That Interest Need to Pay.
But Just For Making Suspicious Clear to AO That Fund Is Not Your Own, People Use to Make Interest Payment.
Problem For Who is Lending.
If He Lending at Interest or Concessional Free Interest rate, Then Interest Paid Will Be Disallowed & Also reporting required Under Companies Act.
But Just For Making Suspicious Clear to AO That Fund Is Not Your Own, People Use to Make Interest Payment.
Problem For Who is Lending.
If He Lending at Interest or Concessional Free Interest rate, Then Interest Paid Will Be Disallowed & Also reporting required Under Companies Act.
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