tds
This query is : Resolved
CA S.IBRAHIM
(Querist)
14 July 2009
I am auditing a individual firm. During the year firm has paid RS 13500/- as late interest to a creditor viz. Crompton and Greaves. Is it necessory to deduct the
TDS?
TDS?
Abhishek Mohta
(Expert)
15 July 2009
In my opinion the interest paid by the firm is in the form of penalty invoked by the creditor for late payment and thus doesn't attract the provisions of Sec 194A.
CA Nitin Wadhwani
(Expert)
17 July 2009
Yes.
Tax needs to be deducted u/s 194A.
Tax needs to be deducted u/s 194A.
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