Tds by individual

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This query is : Resolved

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This discussion clarifies whether an individual running their own business, especially one exceeding £2 million in turnover and subject to tax audit, must deduct TDS (Tax Deducted at Source) on payments made to sub-contractors. It also addresses TDS applicability on interest paid to non-banking financial institutions (NBFCs) for vehicle loans. The query further explores whether the £10,000 annual TDS exemption limit applies per truck loan or to the total loan amount, and clarifies TDS liability for individuals with turnovers below £2 million and those not covered by tax audits.

sankar ponnan

sankar ponnan (Querist)
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01 August 2020 Sir
Should, being an Individual running its own business by taking sub-contract, deduct tds on the payment made to sub- contractors?
His business turnover exceeds the 2 crores and covers under tax audit.

thanks in adv

Spurto Consultancy Services

Spurto Consultancy Services (Expert)
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01 August 2020 Yes, TDS to be deducted on sub-contract payments made by the individual.

sankar ponnan

sankar ponnan (Querist)
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01 August 2020 Sir
Should he pay tds towards the interest on vehicle loan obtained from Non-banking financial institutions at the end of year?
Guide me please
thanks in adv

CA ANKIT GADA

CA ANKIT GADA (Expert)
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02 August 2020 Yes TDS is applicable on Interest paid to NBFC.

sankar ponnan

sankar ponnan (Querist)
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03 August 2020 sir
If an individual is having vehicle LOANS for more than 10 nos of trucks and pays tds on interest, will the exemption limit of Rs.10,000/- p.a on tds payment be applicable for each truck loan or total loan?

AND one more doubt,
In case if an individual has the turn over below Rs.2 Crores p.a, who is also not covered under tax audit, is he liable to deduct tds?
guide me please