lexbery (d) (227 Points)
13 April 2011how to calculate interst on loan on the given example
example...1
17/1/11 deposited 2,00,000/-
25/1/11 deposited 1,00,000/-
24/3/11 deposited 3,00,000/-
at the end of 31/3/11,if interest is charged @ 12%
example..2
17/1/11 deposited 2,00,000/-
25/1/11 deposited 1,00,000/-
24/2/11 deposited 3,00,000/-
21/3/11 returned 1,50,000/-
at the end of 31/3/11,if interest is charged @ 12%
please reply urgently as i have to file tds return for the 4th quater
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 April 2011
| Originally posted by : lexbery | ||
 |
13+28+31 = 82 days !! 82/365*12/100*200000= 5391.78 |
 |
use this formula to get
no of days remaiing in year/365 * 12/100*amount deposited = interest accured.
lexbery
(d)
(227 Points)
Replied 14 April 2011
thanks for the reply...but i need 1 more clarification...
since intrest is calculated every month,taking example 2 into consideration...
25/1/11 deposited 1,00,000/- no of days is 6
24/2/11 deposited 3,00,000/- no of days is 4
21/3/11 returned 1,50,000/- at the end of 31/3/11,
how will intrest will b calculated for the month ending march since 2,50,000/- is still due to be returned, and what will be the no of days for the remaing amount.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 April 2011
for month ending .................the calculation will be
1 x amount x no of remaining days in month/ 30 ( 1 is the product of 12% divided by 12 months)
ignore the irregular number of days in month and average count is 30 for this purpose.
for yearly calculation the total remaining number of days / 365
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 April 2011
alternate , calculate the whole interest and deduct the interest on paid out amount 1.5 Lacs * 10/365*12/100 = 493.15 ( interest amount of 1.5 lacs for 10 days)
CAclubindia
