LOAN PROCESSING FEES

DHARMENDRA KAPOOR (CA) (183 Points)

28 June 2007  
HI FRIENDS
 
I M CONDUCTING AUDIT OF A PARTNESHIP FIRM AND THEY HAVE TAKEN LOAN FROM FINANCIAL INSTITUTION ,HOW TO ACCOUNT FOR PROCESSING FEE.MY NEXT PROBLEM IS THEY HAVE TAKEN CAR LOAN AND INTEREST OF LOAN IS MORE THAN RS.10000,WHETHER THEY HAVE TO DEDUCT TAX .THEY HAVE ALREADY ISSUED PDC,HOW WILL THEY DEDUCT TAX