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Tds on intrest paid on unsecured loan

This query is : Resolved 
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(Querist)
02 July 2014 Sir, i m open a new firm in 2013-14 and my firm is in under tax audit i m paid intrest 65000 so i have a libility of tds
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nakul

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nakul (Querist)
02 July 2014 Please tell me
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Rupesh Jain

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Rupesh Jain (Expert)
03 July 2014 tds will deducted by you if you are Partnership firm intt pay excess Rs. 5000/- in a year to a person.

if you are proprietorship firm then no need no deduct tax due to this is first year. if you are take audit repost u/s 44AB then you have to deduct the tDS in next Finance year.
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