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Simple interest is a way to figure out interest that is often used in a wide range of financial deals, especially when short-term calculations need to be kept simple.
Simple interest can be used in financial decisions, especially for short-term or basic computations. Example of using simple interest to make financial decisions:
Simple interest is used to predict returns by figuring out how much interest was earned on an initial investment over a certain amount of time.
That's it for simple interest: Interest = Principal * Rate * Time
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.