Interest payment on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2014 Dear All
I took loan from company Rs.20 Lakhs @ 14% p.a interest.
Question is
I am having the following source of income
salary, business income, dividend & bank interest

my gross income exceeds 1 crore then i need to deduct TDS and make the payment is it right ?

my income should not in tax audit what i should do at this juncture
Please help me

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 June 2014 your gross income exceeds 1 cr or your business receipts exceed 1 cr??

if business receipts are less than 1 cr, you dont have to deduct TDS.

If your business receipts exceed Rs 1 cr, deduct tds at 10%

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2014 Dear Nikhil Kaushik

gross income.

thank you very much

Regards
Deivasigamani

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 June 2014 well as long as business turnover is less than 1 cr, no need to deduct tds

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