I want to get clarification that when some amount is taken over Rs. 20000 as a loan and the interest for the same is not paid during the year then weather the unpaid amount of interest along with loan taken amount shall be disclosed as loan taken which shall be shown in the annexure for tax audit for section 269ss & 269T
It all depends on how you account for the interest. In case you credit the loan account, the whole amount including interest is to be shown. If you credit the interest expense to interest payable account, then only the loan amount is to be shown
CAclubindia
