Interest collected by sugar factory in maharashtra
This query is : Resolved
Vinod Sawant-Bhosale
(Querist)
03 December 2011
Sugar Factory collect interest on working capital from purchaser in cash and give receipt there is no chance/time to deduct Tax from Interest & purchaser don't know of interest & its amount before payment. I want to know this expense allowable without TDS? is there any exemption to Sugar Factory to collect interest without TDS?
CA PARAS BAFNA
(Expert)
04 December 2011
Sugar Factory collects interest it means , it is its income and not the expense.
TDS is required to be deducted by the payer.
Here payer is a farmer /sugarcane grower.
He is not required to deduct TDS.
.
TDS is required to be deducted by the payer.
Here payer is a farmer /sugarcane grower.
He is not required to deduct TDS.
.
Vinod Sawant-Bhosale
(Querist)
05 December 2011
when we purchase sugar from sugar factory sugar factory collect interest on working capital I am asking for that interest we paid to sugar factory as a purchaser i.e. our expense
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