Tds
This query is : Resolved
CA. GIRISH DEVALIYA
(Querist)
11 July 2013
WHETHER A TAX-AUDITABLE INDIVIDUAL IS REQUIRED TO MAKE TDS ON INTEREST PAID BY HIM (BY WAY OF EMI'S)TO AN NBFC TOWARDS REPAYMENT OF LOAN TAKEN ?
Anil Sankar V
(Expert)
12 July 2013
not required
24 August 2013
Yes he is liable to deduct TDS of NBFC as it is a company and not specified banking company. Non deduction shall attract penalty, Interest as well as prosecution u/s 276B as your turnover is above tax audit limit.
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