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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 July 2015 Whether TDS is to be deducted wide section 194A on interest paid to customer on trade advances received from such customer?

Please give me detail reference of provision.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
13 July 2015 Yes if interest paid is more than Rs. 5000/- and your accounts were audited u/s 44AB clause (a) i.e. on account to turnover exceeding Rs. 1 crore in the immediately preceding year in case of individual or HUF. In case of firm or company always mandatory whether tax audit or not.
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