Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2013 What is the procedure of deduction of TDS on intt. On unsecured loan in case of individual & time of deposit the TDS & Return ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 September 2013 If the interest is paid/payable by the Individual he is required to deduct TDS only if Tax Audit was applicable in the Previous Financial Year.

TDS to be deducted @10% at the time of payment or credit whichever is earlier on crossing the threshold limit of Rs 5000/- p.a.

Due date of Deposit 7th of Next Month. For the month of March due date is 30th April.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 September 2013 Return to be submitted in form 26Q.

Due dates of filing Quarterly TDS Return in form 26Q are:

15th of July for Quarter 1,

15th of October for Quarter 2,

15th of January for Quarter 3 and

15th May for last Quarter

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2013 if the assessee paid interest once in a year i.e. on 31st March then .

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