Treatment of interest not charged by bank
Querist : Anonymous
Querist : Anonymous
Amt of Interest not charged by Bank by following RBI guideline it does not means no amount of Interest will be charge by the bank.
You need to book your expenses as per normal accounting practice.
Querist : Anonymous
In Income Tax, Please consider section 43B, require that interest payable to bank or financial institution etc. are allowed only when its paid on before the date of Filling of Return of Income.
Dont confused between treatment of Interest under Income Tax And Companies Act
Earlier Treatment was as per Companies Act
This is as per Income Tax
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