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incometax & accounting

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(Querist)
20 May 2008 My client retail trade of Garment Bussiness
Garment purchase from Aditya birla n Ltd
payment after 45 day of purchase bill.
after 45 days payment Aditya birla ltd 24% interest charge .pls proceess in incometax & account book
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
20 May 2008 If total interest in a f.y. exceeds rs. 10,000/- , u have to deduct tax u/s 194A @ 20%+s.c.+cess.

in accounts, simply debited to P&L a/c, no need to add in purchases. exp. is allowed.
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Jitender

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Jitender (Expert)
20 May 2008 i also agree eith Mr tyagi
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