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Tds on 194a

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(Querist)
12 May 2015 sir,
iam taken a loan finanace company like sundram finance , cholamandam,sriram equipment etc

sir , should tds return on interest on loan is filled by me &interest is paid by me also
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
12 May 2015 Yes TDS is required to be deducted from interest paid to a non banking finance company and interest paid is more than Rs. 10,000/-. However if being an individual you will be liable to deduct TDS only if your accounts were audited u/s 44AB in the immediately preceding year.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
12 May 2015 Sorry in case of individual if interest paid is more than Rs. 5000/-.
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A.Senthil Subramanian

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A.Senthil Subramanian (Expert)
12 May 2015 Add additional point: If the loan is taken for business purpose then you have to deduct TDS. If it is for personal nature then no need to deduct TDS.
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