Tax audit and personal expenditure
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 April 2016
Assessee has a tax audit. He has taken housing loan, but neither the loan nor the property is reflected in the balance sheet of the business and we are not claiming interest expense also. Is there a liability to deduct tds? If no can you just let me know the section to be referred?
Thanks in advance
Thanks in advance
26 April 2016
Housing loan and property not related to business need not reflect in balance sheet. Claim interest in tax workings. TDS liability is there if housing loan is obtained from other than banks.
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