INT. ON LOAN-TDS.
This query is : Resolved
21 January 2011
DEAR SIR,
I HAVE TAKEN UNSECURED LOAN FROM AN INDIVIDUAL (BOTH HAVE PAN NOS.). WHILE PAYING WHOLE YEAR'S INTEREST, DO I HAVE TO DEDUCT TDS ? YEARLY INTEREST AMOUNT COMES TO ABOUT 5000/-. ALSO LET ME KNOW THE LIMIT FOR NOT DEDUCTING TDS.
THANKS
I HAVE TAKEN UNSECURED LOAN FROM AN INDIVIDUAL (BOTH HAVE PAN NOS.). WHILE PAYING WHOLE YEAR'S INTEREST, DO I HAVE TO DEDUCT TDS ? YEARLY INTEREST AMOUNT COMES TO ABOUT 5000/-. ALSO LET ME KNOW THE LIMIT FOR NOT DEDUCTING TDS.
THANKS
Guest
Guest
(Expert)
21 January 2011
Do you have business and What is your turnover in your business?
21 January 2011
SIR,
I HAVE PROPRIETORY CONCERN HAVING APPROX. TURNOVER OF 70 LACS p.a.. THIS LOAN IS SHOWN IN THE BOOKS OF INDIVIDUAL. ACTUALLY LOAN IS TAKEN FROM FATHER.
PLEASE GUIDE.
THANKS
ANCKOORA
I HAVE PROPRIETORY CONCERN HAVING APPROX. TURNOVER OF 70 LACS p.a.. THIS LOAN IS SHOWN IN THE BOOKS OF INDIVIDUAL. ACTUALLY LOAN IS TAKEN FROM FATHER.
PLEASE GUIDE.
THANKS
ANCKOORA
Guest
Guest
(Expert)
22 January 2011
In my opinion TDS will be required if you pay/credit the interest in excess of Rs. 5000/-
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23 January 2011
As u have turnover of 70 Lacs so tax audit id applicable for u.
Whereever tax audit is applicable in previous fiancial year even in case of individual liability of deducting tax at source is arises. U have to deduct TDS is u are paying interest above exemption limit of Rs. 5000 in a year.
Whereever tax audit is applicable in previous fiancial year even in case of individual liability of deducting tax at source is arises. U have to deduct TDS is u are paying interest above exemption limit of Rs. 5000 in a year.
Message likes :
1 times
23 January 2011
Agree with experts
Guest
Guest
(Expert)
24 January 2011
Still, is there any doubt?
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