Section 44ae and tds deduction liability
This query is : Resolved
Querist : Anonymous
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..?
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..?
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.
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- In Exports Sales HSN details where to fill
- TDS 194R on GST effected
- Income of an individual
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
