Tds on interest on unsecured loan
This query is : Resolved
26 July 2013
This is a proprietorship firm. in the f. y. 11-12 it is under audit, in the f. y. 12-13 no audit required. in current 13-14 we have paid interest on unsecured loan to an HUF for Rs. 45000. Should I deduct TDS on the same? need direction.
Thanks in advance.
Thanks in advance.
Rupesh Jain
(Expert)
26 July 2013
no required due to last year you sales are not exceed 80 lacs
26 July 2013
TDS required to be deducted. As per my understanding once your file is subject to Tax Audit in respect of any financial year then you are required to deduct TDS from next financial year onward whether Tax Audit is applicable or not.
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