Deduction of tds

This query is : Resolved

Guest

Guest (Querist)

06 January 2012 Dear Experts,

Should TDS be deducted on interest paid on loan?? is there any threshold limit for this?? Suppose we are paying interest Quarterly then should TDS be deducted??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 January 2012 Yes TDS to be deducted u/s 194A.
Rate : 10%
Threshold limit:
Interest from a Banking Company-Rs 10000/-
Interest other than from a Banking Co. Rs 5000/-

Individual and HUF not falling under purview of Tax Audit in Previous Year are not liable to deduct TDS.

If No PAN give then deduct 20% TDS

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