Tds not deducted on intt.on car loan from private financer

This query is : Resolved

Rajesh Kumar Sharma (Querist)
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11 April 2014 Sir,
One of my client(Partnership Firm) have a car loan from Audi Finance. During the FY 2013-14 he did not deducte any TDS on interest paid i.e. paid full instalment without deducting any TDS.

Now What are the remedies available.
a) He should not deduct any TDS?.
or
b) Deduct TDS on all FY from April-13 to March-14 monthwise and deposit with interest and revise TDS return??

Plzzz advise ASAP so that we could file our Q4 TDS retun in time.

Rupesh Jain

Rupesh Jain (Expert)
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12 April 2014 if partner ship pay intt. more than Rs. 5000/- in a year
then you have to deduct tds @10%
you can deduct the tds on dt 31.3.2014 and file the return of iv qtr of 2013-14
otherwise you have to revise all the return and deposit the tax with intt. @ 1.5 per month or part of the month

Rajesh Kumar Sharma

Rajesh Kumar Sharma (Querist)
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13 April 2014 Thanx a lot Sir,
Kindly help further

If we deduct TDS on 31-03-14, IS there any chances to add back our expenditure of intt. Paid on car loan as we did not deduct TDS on monthly basis?.

What are the provision to deduct TDS on Intt.on car Loan from Private financer(It is more than 5000/-)
a) Is it compulsory to deduct on monthly basis or
it is optional to deduct either monthly or annually.

Rajesh Kumar Sharma

Rajesh Kumar Sharma (Querist)
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17 April 2014 Dear Rupesh Jain Sir,

Plzzzzzz reply

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