TDS on interest
This query is : Resolved
Amit Kumar Agarwal
(Querist)
29 August 2009
If an assessee is running 2 proprietorships one having turnover of more than Rs. 40,00,000.00 and other less than 40,00,000.00 and pays interest of Rs. 10,000.00 from the second proprietorship(lower turnover one) then will he be liable to deduct TDS on the same.
CA CHINTAN AJMERA
(Expert)
29 August 2009
Yes he is liable to deduct tds
29 August 2009
As both are proprietorships of an individual boths income will be filed under same PAN in single return i.e. as per Act business are single person so neednot to deduct TDS
Amit Kumar Agarwal
(Querist)
29 August 2009
Thanks Ajmera Ji
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