P nh chandra (Job) (66 Points)
17 December 2020
P nh chandra
(Job)
(66 Points)
Replied 17 December 2020
ayusmita
(Tax consultant)
(5885 Points)
Replied 18 December 2020
When you keep money in saving account
Bank paid you interest on that money which you kept in their bank in saving account
It is calculated in daily basis and credited to you at the end or middle of the each quarter or half of the year
Income earned from the interest from saving account is known as or treated as income from other sources
And it is deducted upto 10000 under 80TTA and the excess is taxable
Hence it is a savings account and loan amount is credited your bank is giving you interest as per the amount you have in your savings account . Interest credit will be treated as income from other sources
Interest debited is treated as interest payments towards loans
I think this type of loan have moratorium period of 10 years.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 18 December 2020
Use borrowing costs standard for both IndAS and AS 16 which ever standard your following becuz you can capitalise the costs as long as the project is ongoing and expense when there is a halt in the project. Also check if the scope is allowing your project costs to be capitalised.
ayusmita
(Tax consultant)
(5885 Points)
Replied 18 December 2020
Agree with yasaswi gomes ji
And I think it will allowing for capitalised
P nh chandra
(Job)
(66 Points)
Replied 18 December 2020
ayusmita
(Tax consultant)
(5885 Points)
Replied 18 December 2020
It's ok as work is still going on not yet finished
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 18 December 2020
Yes forgot Tom mention
loan is always credited
bank a/c
To Loan
CAclubindia
