Loan fees amortisation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2010
Dear all,
whether the processing fees on renewal of credit policy/ buyer credit can be amortised?
if company has a policy of amortisation of processing fees of long term loan and short term loan then has to amortised the above.
if, no then is there any violation of AS, company law or income tax provision.
Kindly reference to other companies policy or case law in above regards.
whether the processing fees on renewal of credit policy/ buyer credit can be amortised?
if company has a policy of amortisation of processing fees of long term loan and short term loan then has to amortised the above.
if, no then is there any violation of AS, company law or income tax provision.
Kindly reference to other companies policy or case law in above regards.
Guest
Guest
(Expert)
24 August 2010
as per my view the renewal fees is charged annually by bank and hence it should be charged to p&l account for the year it pertains.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
Trending Online Classes
CAclubindia
