Tds for proprietor


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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2013 Dear experts,

If a proprietor maintains separate set of books for proprietary firm and personal books and the firm is subject to tax audit in previous yrs , then any interest paid from personal books is liable for tds?

Thanks in advance.

02 December 2013 He is liable to TDS as being an assessee under the tax audit provisions,he is legally bound to deduct TDS on any interest payment exceeding Rs 5000/-.
.

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2013 But he is taking loan in his personal name and den transferring loan amt in firms books of account. .

02 December 2013 Why he is not taking loan in the firm directly ?


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