30 May 2017
I have borrowed some funds from a party in the last PY. Now the party is mailing me again and again and asking to provide them TDS Certificate for the tax deducted on the interest liability. But, I haven't deducted any tax as I think that a firm covered u/s 44AD is not liable to deduct TDS. Please tell, whether I am correct or not?
P.S: My firm was never get audited in sec 44AB & I don't have TAN No.
30 May 2017
TDS based on monetary limit specified in 44AB is applicable to Individuals and HUF only and not to partnership firm. Therefore, TDS provision applies to partnership firm whether covered under 44AB audit or not.
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