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TDS deduction - Loan repayment from chit Fund Company

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(Querist)
21 March 2020 Hi ,

We have taken Rs 30L from a Chit Fund Company. and We have to repay the company 15% extra amount to Company with 30L amount in a year.

Please tell me how to pass the entry and is TDS is applicable to the excess amount?

Thanks
Dinesh
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Asha Kanta Sharmapro badge

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Asha Kanta Sharmapro badge (Expert)
05 May 2020 Loan Account - Dr. 30 L
Interest on Loan - Dr. 4.5 L
Bank Account - Cr. 34.50 L

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