Interst payment

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sandeep (Querist)
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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

Rupesh Jain

Rupesh Jain (Expert)
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26 December 2014 tds on rs.5000/- will deduct @ 10% .

sandeep

sandeep (Querist)
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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

CA Kumar Mukesh (Expert)
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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

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