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TDS on Interest on Securities

This query is : Resolved 
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(Querist)
10 July 2007 Sir,
whether a firm can issue "deposits" ? If not, Whether it is possible to issue among the Partner's friends and relatives? if so, what is the TDS procedure? whether it come under 193 or 194A?
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SHIV KUMAR GUPTA

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SHIV KUMAR GUPTA (Expert)
10 July 2007 Firm can not issue deposits at all.
s.k.gupta
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Shashi Mohan Jha

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Shashi Mohan Jha (Expert)
11 July 2007 A firm can procure money from Partner's friends and relatives but why to name it a "Deposit". Deposit is a term used by companies act...not applicable on firms.

In this case it is a simple loan and TDS would be attracted on interest paid to the depositors.
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CA BHARATH KUMAR

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CA BHARATH KUMAR (Expert)
26 July 2012 not issue from firm
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