Interest on Unsecured Loans
This query is : Resolved
06 March 2010
I am a Business Man & I have Unsecured Loans from my relatives(Pan is not alloted) 1,00,000/- & i passed an journal entry in books against interest 12,000/-
I will not paid this amount in this AY 2009-2010.
So pls tell me in this case TDS is applacible.
I will not paid this amount in this AY 2009-2010.
So pls tell me in this case TDS is applacible.
07 March 2010
Dear Gupta
As Interest Payment or Credit which ever earlier is in excess of Rs.5000/- so you are required to deduct TDS u/s 194A
But if your relative's total income is less than Basic Exemption limit then you may not required to deduct TDS as your relative can issue Form 15G/15H
As Interest Payment or Credit which ever earlier is in excess of Rs.5000/- so you are required to deduct TDS u/s 194A
But if your relative's total income is less than Basic Exemption limit then you may not required to deduct TDS as your relative can issue Form 15G/15H
07 March 2010
when you will make entry then make TDS entry on this also. but Mr. Shahzad is right if he can provide 15G/15H then no tds.
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