Interest on unsecured loan
This query is : Resolved
24 July 2013
Respected sir,
we pass journal entry of interest on unsecured loan,actually we are not made payment of interest. we pass entry in our books ,can we liable under sec194 (a) for deduction of tds.we pass entry of 26000 rs .
we pass journal entry of interest on unsecured loan,actually we are not made payment of interest. we pass entry in our books ,can we liable under sec194 (a) for deduction of tds.we pass entry of 26000 rs .
24 July 2013
According to the provisions of the TDS. TDS should be deducted at the time of payment or credited into the books which is earlier. So in your case should be deduct TDS at the time of entries passed in the books(means credited into the books or account).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
24 July 2013
Yes you have to deduct TDS since law says TDS should be deducted at the time of payment or credit whichever is earlier. In the given case you are crediting the Interest in the party account and therefore TDS should be deducted.
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