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TDS

This query is : Resolved 
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(Querist)
20 August 2010 Is individual Liable to deduct TDs
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 August 2010 Yes. if he is covered under Sec.44AB complusory audit of books

otherwoise no
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
20 August 2010 No individual are not liable for TDS.

But the condition is : section 44 AB (Tax audit) is also not applicable to him otherwise it will be applicable.
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Nirmal

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Nirmal (Querist)
20 August 2010 is interest charhed on OD liable to deduction
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 August 2010 OD Interest is payment to Bank. The tds not applicable
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
20 August 2010 By virtue of section 194A(3) and section 197(1C) tds is not to be deducted on OD Interest .
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
20 August 2010 NO tds on interest payable to bank.
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Nirmal

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Nirmal (Querist)
21 August 2010 One of our client is sole propritor of a say X communication.X communications capital account shows withdrawwal for clients LIC, amount paid to some other party shown as withdrawal through bank and Income Tax paid for X Coummunication.how sholud it be trated in X communication Balance sheet capital account
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