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Section 44ae and tds deduction liability

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 March 2012 Hello frnds...
One of my client is a transporter company and is covered under section 44ae.It has taken loan from Tata motors finance ltd (TMFL) which is a NBFC therefore it is liable to deduct tds on interest payments made to TMFL. hwever since the comapny is not covered under 44ab and is following section 44ae it is not required to maintain books under section 44AA of IT Act.My confusion is that is it liable to deduct tds on such interest payment to TMFL in light of the above mentioned circumstances..?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
14 March 2012 This depends on the status of the assessee.

If the assessee is an individual or HUF and were not liable to tax audit during the previous year, then they do not need to deduct TDS.

If, however, the assessee is an assessee other than an individual or HUF, TDS is required to be deducted. In this case, maintaining books of accounts or applicability of tax audit is not relevant.
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