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Tds deduction
we had a partnership firm with 2 partners. One of the partner expired on 26/11/2016 and the nature of business changed to proprietorship .Would like to know that since it being the 1st year as prop. firm whether TDS on Interest on Loan taken by the firm be deducted and deposited in the bank.
Replies (2)
The provisions of TDS are applicable on an Individual only if he is subject to tax audit. Else he is no required to deduct TDS. However from 2017-18 if monthly rent exceeds Rs. 50000.00 one has to deduct TDS irrespective of tax audit provisions
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