TDS on Interest Sec 194A
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2010
Dear All,
Sec. 194A - TDS on Interest: @10%
Unsecured loan given by a person doing proprietary business, to an individual.
Now repaying loan amount, is it required to deduct TDS on interest income by that individual (he is IT Assessee but not under tax audit)
Please clarify.
Dear All,
Sec. 194A - TDS on Interest: @10%
Unsecured loan given by a person doing proprietary business, to an individual.
Now repaying loan amount, is it required to deduct TDS on interest income by that individual (he is IT Assessee but not under tax audit)
Please clarify.
23 December 2010
Ans : No need to deduct TDS
Explanation :An Individual( Interest Payer ) not subject to Audit U/s 44AB of the Income Tax Act during the Preceding financial year Need not to deduct TDS .
Explanation :An Individual( Interest Payer ) not subject to Audit U/s 44AB of the Income Tax Act during the Preceding financial year Need not to deduct TDS .
23 December 2010
Agree with expert
24 December 2010
no need to deduct tds
24 December 2010
Also refer >> https://www.caclubindia.com/share_files/tds-rate-chart-fy-2010-11-ay-2011-12--26034.asp >> https://www.caclubindia.com/share_files/files_download.asp?files_id=33659 <<<
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