TDS
This query is : Resolved
12 October 2010
A Private Ltd Company given loan Rs, 2500,000/- and charged Interest of Rs. 25000 to another private limited company. The receiving Company shown total loan Rs. 25,25,000/- including interest but did not repaid any interest amount nor deducted any TDS on the Interest.
Q1. Is it compulsory to deduct TDS in the last year though Interest not yet repaid?
Q2. If answer to Q1 is no then Can TDS be deducted on the Interest in the current year?
Q3. If answer to Q1 is yes, then should the Interest Charged be disallowed?
Q1. Is it compulsory to deduct TDS in the last year though Interest not yet repaid?
Q2. If answer to Q1 is no then Can TDS be deducted on the Interest in the current year?
Q3. If answer to Q1 is yes, then should the Interest Charged be disallowed?
12 October 2010
There is no role of receiving company.It will be treated as income ( Rs. 25000)
paying company has to deduct the TDS. If not deducted Expenditure will be disallowed. This will be allowed only when TDS is deposited.
paying company has to deduct the TDS. If not deducted Expenditure will be disallowed. This will be allowed only when TDS is deposited.
13 October 2010
Sir kindly clarify in detail.
10 July 2011
Thank Sir.
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