TDS on Interest, 44AB and individual
This query is : Resolved
CA. Praveen Narayan
(Querist)
09 October 2010
Dear frndz,
Individual assessee is liable to deduct Tax at source on interest only if he s subject to tax audit U/s 44 AB.
Ma doubt s, whether , in th case of individual doing Financing business, interest income alone will form part of turn over of the assessee for th purpose of 44AB limit? or should total loan repayment be considered?
thanks n advance..
Individual assessee is liable to deduct Tax at source on interest only if he s subject to tax audit U/s 44 AB.
Ma doubt s, whether , in th case of individual doing Financing business, interest income alone will form part of turn over of the assessee for th purpose of 44AB limit? or should total loan repayment be considered?
thanks n advance..
09 October 2010
ICAI's opinion is only the interest income can be taken into consideration as part of his gross receipts.
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