Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 i am businessman.
i taken money from 4 people as business loan(1 lac)
and giving them 2%per month interest (yearly 24%.)

then
can i deducted TDS on their interest?
how much?
how? procedure

08 August 2011 If UR Business Hav Tax Audit U/s 44AB Then You Should Deduct TDS.

Otherwise Cant

Regards,
Ayush Agrawal

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 i want start tax audit?
then how much i want to cut TDS?

09 August 2011 TDS @ 10% on Interest.

You will first have to take TAN No. by filling FORM 49B, then only you are eligible to deduct TDS.

09 August 2011 You have to have minimum turnover of 60Lacs to deduct tax and to cover yourself under tax audit


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