Tds deduct

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bhavesh (Querist)

28 November 2011 Sir Good Evening I Have A Income By Way Of Interest. Amount Is 22480 My Ca Ask Me Compalsory Tds Deduct In Your Case By Interest Payer I Deemand On Tds Certificate In Interest Payer. Interest Payer Ca Ask Me Our Case Is Not Oditable So I Cant Deduct In Your Tds So We Have Not Provide To You Tds Certificate . My Ca Ask Me Compalsory Require Tds Certificate. My Business Net Profit Is 225855 So What I Do Please Guide Me.

In Interest Payer Compolsory Tds Deduct Yes Or No . Any Answer Which Secction Please Guide Me.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

28 November 2011 The liability of the deduction of TDS is on payer of the interest if he not deducted TDS then the interest amount doesn't allowable as expenditure to him under section 40(a). So non deduction of the TDS not the problem to you if the payer deducted TDS then you get the TDS certificate and you can claim it at the time of filling of return. However the payer should be issue interest paid/credited certificate. So for your problem at the side of your CA you approach your payer of interest and ask him issue form 16A in which he discloses the payment of interest and TDS deducted nil because they not deducted the TDS. It helps you both as TDS certificate as well as interest certificate based on it your auditor can file your incometax rerurn.
OM SAI SRI SAI JAI JAI SAI

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

29 November 2011 TDS Certificate is not compulsory,As you told payer is not deduct the TDS than how can he issue TDS certificate. Deducting the TDS is payer's liability.
You can show Interest income under Income from other source in computation of Income.
and you can pay the the tax on TAXABLE AMOUNT if it is and file the return

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