We are Paid This Year(F.y 2010-11) Interest on Unsecured Loan Rs. 20000.00 ( Mr. Amal 15,000 & Mr. Tamal 5,000) then can We deduct TDS Or Not?
Pankaj Arora
(Learner)
(3134 Points)
Replied 23 February 2011
yes you can deduct tds u/s 194 on interest threshold limit is Rs.5000/-
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114215 Points)
Replied 23 February 2011
Sec 194A-Interest other than from a Banking Co.
You can deduct TDS from Mr. Amal (10% of Rs 15000/- = Rs 1500).
You can not deduct TDS from Mr. Tamal as threshold limit of Rs 5000/- is not crossed.
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 23 February 2011
TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted...
Devi Kala
(Chartered Accountant)
(359 Points)
Replied 23 February 2011
| Originally posted by : Karan Teli | ||
 |
TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted... |
 |
vijayaggarwal
(CA. IN PRACTICE)
(89 Points)
Replied 23 February 2011
Mr. Sanjay and Karan both are right
| Originally posted by : Karan Teli | ||
|
|
TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted... |
|
ATISH RATHOD
(Proud Indian)
(142 Points)
Replied 23 February 2011
TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted
CAclubindia
