Tds applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2015
Dear expert
i am paying RS. 70000 interest for unsecured loan, but i am not under audit u/s 44AB. can i obtain tan no. and deduct TDS on interest.
please reply..
i am paying RS. 70000 interest for unsecured loan, but i am not under audit u/s 44AB. can i obtain tan no. and deduct TDS on interest.
please reply..
04 April 2015
If you are an Individual or HUF assesee and your accounts get not audited in last previous year than there is no liability for deduction of tds. But if you are an company assesee than tds liabilities fall since begning.
04 April 2015
Agree with narendra and will suggest you if assessee is an individual not liable to audit then don't get tan no. And deduft tds because it would raise unnecessary compliance cost to you.
04 April 2015
agree with CA Kanj Goel ji.
06 April 2015
Dear Anonymous,
If an individual or huf is not liable for audit u/s 44AB(a)or(b) in the preceding assessment year, then he/she/it is not required to deduct tax at source in current assessment year.
Any person other than an individual or huf shall require to deduct tds irrespective of applicability of sec 44AB. ( Any person includes p.firm,company,trust,etc)
If an individual or huf is not liable for audit u/s 44AB(a)or(b) in the preceding assessment year, then he/she/it is not required to deduct tax at source in current assessment year.
Any person other than an individual or huf shall require to deduct tds irrespective of applicability of sec 44AB. ( Any person includes p.firm,company,trust,etc)
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