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..

CA. Narendra Purohit

CA. Narendra Purohit (Expert)
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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.

CA Kanj Goel

CA Kanj Goel (Expert)
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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.

shubham shukla

shubham shukla (Expert)
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04 April 2015 agree with CA Kanj Goel ji.

Kaushik Joshi

Kaushik Joshi (Expert)
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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)