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One of our clients is registered partnership firm
One of our clients is registered partnership firm. The firm has taken working capital loan from Bajaj Finance Pvt Ltd on which the firm has paid interest of Rs. 80000/- for the F. Y. 2015-16 . The books of account of the firm are audited under Income Tax Act clause 44AB(d). However the firm has not deducted TDS on interest paid to Bajaj Finance Pvt Ltd. What will be consequences of this act on Income Tax Assessment of the firm. If Bajaj Finance Pvt Ltd has filled Income Tax Return for A.Y. 2016-17 & paid taxes whether the partnership firm will be excused for non deduction of TDS on interest paid to Bajaj Finance Pvt Ltd for A. Y. 2016-17
Replies (3)
Had firm declared income for Ass Yr 2015-16 u/s. 44AD? Whether the accounts audited?
Was the firm under audit under section 44ab for the AY 2015-16 relevant financial year 2014-15?
Yes, Clause 44AB(a) Total Sales / turnover / gross receipts in business exceeding Rs. 1 Crore for A. Y. 2015-16 relevant to F.Y. 2014-15
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