Tds on interest other than interest on securities u/s 194a

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prakash jhaveri (Querist)
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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

Pankaj Saraogi

Pankaj Saraogi (Expert)
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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.
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