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TDS

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(Querist)
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?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
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.
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Amit Agarwal

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Amit Agarwal (Querist)
13 October 2010 Sir kindly clarify in detail.
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Amit Agarwal

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Amit Agarwal (Querist)
10 July 2011 Thank Sir.
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