Tds on interest
This query is : Resolved
Sowmya.S.Balan
(Querist)
23 September 2015
Dears
an individual who is liable for tax audit in the immediately preceeding previous year has to deduct tds on interest on loan paid to financial institutions in the current year.
If he doest not deduct tds - 40(ia) disallowance applicable or not?
an individual who is liable for tax audit in the immediately preceeding previous year has to deduct tds on interest on loan paid to financial institutions in the current year.
If he doest not deduct tds - 40(ia) disallowance applicable or not?
23 September 2015
Yes disallowance u/s 40(ia) will be applicable.
Thirty per cent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139 shall be disallowed.
Thirty per cent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139 shall be disallowed.
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