Tds on payment of interest on purchases

This query is : Resolved

Querist : Anonymous

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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 June 2014 https://www.caclubindia.com/experts/tds-on-payment-of-interest-on-purchases-1756239.asp#.U5wP7NIW2Rg

Rupesh Jain

Rupesh Jain (Expert)
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16 June 2014 if your firm book will liable to get audit( last year sales Rs. 1 crores or more) its books of account u/s 44AB the you have to deduct the tDs u/s 194A @ 10% if supplier have PAN otherwise TDS will decutable @ 20%.

if you firm not liable to get audit its ac/s then no need to deduct the TDs

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