Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2012 SIR....
Would you please tell me that is it mandatory to deduct tds on interest other than interest on securities if the loan has been taken from a relative.
Rahul Agarwal

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 April 2012 Yes. Individual and HUF are liable to deduct if their turnover or gross receipts from business or profession exceeds the limits specified in section 44AB. In other words, if the individual or HUF is liable to get accounts audited under section 44AB, they would be covered.

Say if Tax Audit applicable in fy 2010-11 they will have to deduct TDS from fy 2011-12.

If tax audit not applicable not required to deduct TDS.

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