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
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