Please Help: Accounts and Income Tax
Posted Date : 01-Sep-2012 , 02:17:52 pm | Posted By: Anil Gupta
Category :
Accounts | Answers :
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The Party has supplied goods worth Rs. 50.00 Lacs to A one year back. A default in making payment and the party wants to charge interest @ 18% but the interest is not actually received, secondly in near future the party wants to file a suit against A on interest plus the actual amount of good sold. How to treat the interest receivable in the book of account. If we treat it as Income then we have to pay the tax on interest receivables which we have not received and which will be subject to judicial pronouncement as we have to file the case against him in near future. |
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Answers:
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 Answer by: CA Satuti Mahajan |
| Since the interest is not received, no income
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| Comments |
| Posted By : Naga Rakesh |
12-Oct-2012, 11:25:43 |
| it should be shown as interest receivable in balance sheet |
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| Posted By : CA. Ajay Agrawal |
06-Sep-2012, 07:55:57 |
| as the same is dependent on the judicial pronouncement you can differ the same and charge it to the tax in the year in which it is received.
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