TDS

This query is : Resolved 

20 August 2010 Is individual Liable to deduct TDs

20 August 2010 Yes. if he is covered under Sec.44AB complusory audit of books

otherwoise no

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.

20 August 2010 is interest charhed on OD liable to deduction

20 August 2010 OD Interest is payment to Bank. The tds not applicable

20 August 2010 By virtue of section 194A(3) and section 197(1C) tds is not to be deducted on OD Interest .

20 August 2010 NO tds on interest payable to bank.

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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