Dear sir/madam
we were not paying any interest on unsecured loan. But now we wanted to pay interest on unsecured loan.
Can we do that?
If yes, then what will be the consequences.
Thank in advance.
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Interest on unsecured loan
Replies (4)
If you starts paying interest then you need to deduct TDS on same Interest amount @ 10%.
Read https://cleartax.in/s/section-194a-tds-on-interest-other-than-interest-on-securities
If there is any question put up regarding non payment of interest on unsecured loan. Then what will be the justification?
Is there any change in loan agreement which is demanding interest effective now only? Also evaluate if it is a related party transaction.
There is no change in loan agreement regarding interest. Loan has been taken from HUF
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