Tds
This query is : Resolved
Manoj Panchal
(Querist)
28 March 2009
If Company/Firm Or Individual give interest to individual which is minor in this case company/firm or individual liable to deduct tds from interest
K V Subba Rao
(Expert)
28 March 2009
If Payer is a Company or (Partnership) Firm, TDS has to be affected from interest, if payment exceeds Rs 5000. This position holds good irrespective of whether Payee is major or minor
If Payer is an Individual, TDS provisions of sec 194A do not apply
If Payer is an Individual, TDS provisions of sec 194A do not apply
SANJAY VERMA
(Expert)
28 March 2009
Individual whose turnover exceeds the specified limit for tax audit is liable to deduct tax.
CA Nitin Wadhwani
(Expert)
28 March 2009
Turnover of the previous financial year is to be looked in case of an individual.
K V Subba Rao
(Expert)
29 March 2009
I concur with the views expressed by Sri Sanjay and Wadhwani
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