Tds for interest paid
This query is : Resolved
20 May 2014
An individual A has paid interest for an amount of Rs.8,04,000/- on unsecured loan to an individual B. My Query is whether the individual A is required to deduct TDS @ 10% under section 194A. The provisions of tax audit is applicable or not?
20 May 2014
Individual & HUF can't deduct TDS u/s 194A.
Message likes :
1 times
20 May 2014
on account of first proviso to 194A an individual shall be required to deducted TDS if he/she is covered under tax audit under section 44AB.
20 May 2014
@ Nikhik Kaushik
Sir,
The provisions of section 44AB should be with regard to the current financial year or preceding financial year?
Also if the individual is not covered under 44AB he need not deduct TDS even if the interest paid is more than Rs.5000/- Am I correct sir?
Sir,
The provisions of section 44AB should be with regard to the current financial year or preceding financial year?
Also if the individual is not covered under 44AB he need not deduct TDS even if the interest paid is more than Rs.5000/- Am I correct sir?
20 May 2014
Dear Tara,
provisions of 44AB should be looked in from the perspective of preceding financial year.
if the individual or HUF is not covered under 44AB, TDS is not be deducted irrespective of the amount of interest paid.
provisions of 44AB should be looked in from the perspective of preceding financial year.
if the individual or HUF is not covered under 44AB, TDS is not be deducted irrespective of the amount of interest paid.
Message likes :
1 times
20 May 2014
Thank you sir for your clarification
20 May 2014
Dear Tara,
provisions of 44AB should be looked in from the perspective of preceding financial year.
if the individual or HUF is not covered under 44AB, TDS is not be deducted irrespective of the amount of interest paid.
provisions of 44AB should be looked in from the perspective of preceding financial year.
if the individual or HUF is not covered under 44AB, TDS is not be deducted irrespective of the amount of interest paid.
20 May 2014
you are welcome Tara...good luck...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Short Term Gain Reporting ITR
- Missed TDS
- Rent claimed on building given on permissive possession basis
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- DUE DATE FOR ITR FILING
- F&O reporting in ITR
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
