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TDS on interest on Partners capital and Unsecured Loan (Income Tax)

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This query is : Resolved


( Author )
06 December 2008

Dear Sir,

Interest paid to partners by the partnership firm on

1)Whether TDS is applicable on Interest paid to partners by the partnership firm on the partners capital

2)Whether TDS is applicable on Interest paid to Partners by the partnership firm on the Unsecured Loan given by the partners

Please Clarify

Regards

Ravi Konda


Jaina Shah

( Expert )
06 December 2008

Yes TDS has to be deducted on int paid to Partners on their capital & Unsecured loans


CA. Gurdeep Singh Chawla

( Expert )
06 December 2008

yes


Prakash Mehta

( Expert )
06 December 2008

As per section 194A(3)(iv) interest income credited or paid by firm to a partner of the firm is not subject to TDS.

Thus, TDS is not required to be deducted in both cases.

Thanks.


CA Parvin Ahuja

( Expert )
06 December 2008

1) T D S is not applicable on interest paid on capital to a firm's partner but interest piad on loan will attract T D S provisions.


CA R N Mohil

( Expert )
06 December 2008

I am agree with prakash mehta ,
Interest paid or credited to partners account by the firm is not subject to tds


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