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.

J.KARTHICK

J.KARTHICK (Expert)
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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 .

CA SIDHARTH HIRALAL PATNI

CA SIDHARTH HIRALAL PATNI (Expert)
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23 December 2010 Agree with expert

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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24 December 2010 no need to deduct tds

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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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 <<<