TDS on Interest paid to Partners on their loan A/c.
This query is : Resolved
Ranjan Chavan
(Querist)
27 July 2010
Is is necessary to deduct the TDS on the interest paid/provided on the loan from partners in the Partnership Firm u/s 194A?
CA Sanat Pyne
(Expert)
27 July 2010
YES ,TDS IS TO BE DEDUCTED ON LOAN INTEREST . OTHERWISE EXPENDITURE WILL BE DISALLOWED.
27 July 2010
YES, TDS WILL BE DEDUCT ON INTERST PAID ON LOAN BY PARTNERS.
BUT TDS WILL NOT BE DEDUCTED ON INTREST ON PARTENR CAPITAL.
BUT TDS WILL NOT BE DEDUCTED ON INTREST ON PARTENR CAPITAL.
27 July 2010
agreed with mr. bansal tds is applicable on intt on loan but it is not applicable on intt on capital
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27 July 2010
As per 194A(3)(iv) income tax need not be deducted.
VINOD ARORA
(Expert)
03 August 2010
I agree with Mr B. Chakrapani Warrier, that as per S. 194A(3)(iv) the provisions of S. 194A(1) does not apply to such income as may be credited or paid by a firm to a partner of the firm.
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