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Q. > Please Help: Accounts and Income Tax
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.
1 Answers
answered Sep 01, 2012 by CA Satuti Mahajan , batala
Since the interest is not received, no income
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Comments
CA. Ajay Agrawal
06-Sep-2012 , 07:55:57 pmas 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.
naga rakesh
12-Oct-2012 , 11:25:43 amit should be shown as interest receivable in balance sheet