194a tds quarterly return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2012 I AM PAYING INTEREST AMOUNTING OF RS. 6000/- P.M. ON UNSECURED LOAN.

CAN I DEDUCT THE TAX AT SOURCE AND MENTION IN THE RESPECTED 26Q OR NOT.

BUT I CALCULATE COMPOUNDING INTEREST ON 31/03.

PLEASE TELL ME.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 January 2012 If you are are an individual and for file was not subject to Tax Audit in the preceding previous year than you are not required to deduct TDS.

Who shall deduct tax at source (TDS)?

Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 60 lakh or Rs. 15 lakh respectively in previous year, he is required to deduct tax at source.

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