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Tds on payment of interest on purchases

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 June 2014 TDS need to deduct OR Not for Payment of Rs. 1,77,000 as Interest on Credit Purchases by A HUF Proprietorship Firm?

Supplier says, since it is Proprietorship Firm, there is no need to deduct TDS. But I doubt, Supplier want to take advantage of Ignorance of Buyer.

Will Buyer comes under fault if he does not deduct TDS and deposit to Department in such case?
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Nitin Bhuta

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Nitin Bhuta (Expert)
14 June 2014 Yes it should be applicable if tax audit is applicable. Ignorance of law is not excuse even though it can on account of genuine reasoning.
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Rupesh Jain

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Rupesh Jain (Expert)
17 June 2014 if your book of accounts will liabiel to audit in last year u/s 44AB then you have to deduct the TDS otherwise not applicable.
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