Tds on interest other than interest on securities u/s 194a
This query is : Resolved
30 September 2013
should tds be deducted in current year on interest other than interest on securities u/s 194A by individual assessee, if during financial year immediately preceding the financial year in which interest is credited or paid-business profits were audited under section 44AD due to lower income declaration
30 September 2013
Dear Prakash,
There is no requirement to deduct TDS in current financial year in case individual's accounts were audited in the preceding financial because of lower income declaration u/s 44AD. Section 194A and all other similar sections requires that individual shall be liable to deduct TDS only if his accounts were required to be audited u/s 44AB clause (a) or clause (b). Audit because of lower income declaration u/s 44AD is covered by clause (d) of Section 44AB.
I hope your query has been resolved to your satisfaction.
There is no requirement to deduct TDS in current financial year in case individual's accounts were audited in the preceding financial because of lower income declaration u/s 44AD. Section 194A and all other similar sections requires that individual shall be liable to deduct TDS only if his accounts were required to be audited u/s 44AB clause (a) or clause (b). Audit because of lower income declaration u/s 44AD is covered by clause (d) of Section 44AB.
I hope your query has been resolved to your satisfaction.
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