Interst payment
This query is : Resolved
26 December 2014
We are a car dealer and recieved interst from
customers on late payment. is that allowed or whether they have to deduct tds on that amount and what is the limit for tds deduction
customers on late payment. is that allowed or whether they have to deduct tds on that amount and what is the limit for tds deduction
Rupesh Jain
(Expert)
26 December 2014
tds on rs.5000/- will deduct @ 10% .
26 December 2014
so if a individual customer pay interst of Rs. 6000. so he is bound to deduct tds and file tds return
CA Kumar Mukesh
(Expert)
26 December 2014
As per Section 194A TDS on interest other than interest on security is applicable in case of individual or HUF whose provision of TAx Audit is not applicable in last financial year.
In your case it seems that these individuals are covered under section 44AB (tax audit), Therefore they don't need deduct and deposit TDS on Interest payment to CAR Dealer
In your case it seems that these individuals are covered under section 44AB (tax audit), Therefore they don't need deduct and deposit TDS on Interest payment to CAR Dealer
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