tds on unsecured loan
This query is : Resolved
23 April 2011
from whom tds deducted e.g indivi. huf company etc. pleaseeeeee
23 April 2011
Who shall deduct tax at source?
Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.
Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.
However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.
23 April 2011
For payment of nature covered by TDS provisions of Income Tax Act and rates under different sections see below link---
https://www.caclubindia.com/forum/details.asp?mod_id=109491
Interest on unsecured loan falls u/s 194A.
When interest amount is more than Rs 5000/- TDS @10% needs to be deducted on such interest. If PAN not given TDS to be deducted @ 20%.
For detail info on TDS see below article---
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
https://www.caclubindia.com/forum/details.asp?mod_id=109491
Interest on unsecured loan falls u/s 194A.
When interest amount is more than Rs 5000/- TDS @10% needs to be deducted on such interest. If PAN not given TDS to be deducted @ 20%.
For detail info on TDS see below article---
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Loss of interest in PF transfer from EPFO to Trust
- TDS offline utility
- Due Date Clarity
- IT returns for fresh job holders
- Banking Related Issue
- Residential status of non resident
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
