Tax audit and personal expenditure

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2016 Assessee has a tax audit. He has taken housing loan, but neither the loan nor the property is reflected in the balance sheet of the business and we are not claiming interest expense also. Is there a liability to deduct tds? If no can you just let me know the section to be referred?

Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 April 2016 Housing loan and property not related to business need not reflect in balance sheet. Claim interest in tax workings. TDS liability is there if housing loan is obtained from other than banks.