Interest on unsecured loan
This query is : Resolved
29 December 2012
Interest on unsecured loan should be debited to capital account or should be considered to compute gross total income. If taken directly to capital account it will reduce capital and if routed through P/l it will reduce tax liability as the loan is taken to earn income.
Please tell me what will be the right accounting and tax treatment
Please tell me what will be the right accounting and tax treatment
29 December 2012
Interest A/c Dr.
( Grouped Under Indirect Exp.)
Mr. A A/c Cr.
( Grouped Under Unsecured Loan)
T.D.S A/c Cr.
If interest Is greater than 5000/-
( Grouped Under Indirect Exp.)
Mr. A A/c Cr.
( Grouped Under Unsecured Loan)
T.D.S A/c Cr.
If interest Is greater than 5000/-
Message likes :
1 times
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
