Tds on unsecured loan (urgent)
This query is : Resolved
17 April 2012
Dear Sir,
Please tell me about tds on unsecured loan. our firm is partnership firm & we registered on tan no. we have taken some unsecured loan & we have done payment interest on unsecured loan we also deducted tds but not pay to gov. our unsecured loan client told me don't deduct tds he issue to me form 15G. Also please told me tds rate on tds payment to contractor. i am deducted tds 1% tds on payment to contractor & factory rent-10% & unsecured loan 10.3% education cess deduction is necessary to partner ship firm. please help me on above issue
Thanks
Please tell me about tds on unsecured loan. our firm is partnership firm & we registered on tan no. we have taken some unsecured loan & we have done payment interest on unsecured loan we also deducted tds but not pay to gov. our unsecured loan client told me don't deduct tds he issue to me form 15G. Also please told me tds rate on tds payment to contractor. i am deducted tds 1% tds on payment to contractor & factory rent-10% & unsecured loan 10.3% education cess deduction is necessary to partner ship firm. please help me on above issue
Thanks
17 April 2012
Dear yogesh,
If you have deducted TDS and not yet paid to the govt and other party issues form 15G then you should not remit the TDS to the govt rather you should refund the amount of TDS deducted from the party and collect the from 15G.
The rate of TDS for contractor is 1% for HUF/Individual and for others it is 2%.
TDS on rent u/s 194-I is 10%.
TDS on interest is 10% and there is no education cess.
If you have deducted TDS and not yet paid to the govt and other party issues form 15G then you should not remit the TDS to the govt rather you should refund the amount of TDS deducted from the party and collect the from 15G.
The rate of TDS for contractor is 1% for HUF/Individual and for others it is 2%.
TDS on rent u/s 194-I is 10%.
TDS on interest is 10% and there is no education cess.
17 April 2012
Agree with expert
17 April 2012
Dear Mihir,
Please do not ratify the correctness of the answers and give you replies only if you disagree with other experts or you want to add some more value to the answers of other experts.
Thanks.
Please do not ratify the correctness of the answers and give you replies only if you disagree with other experts or you want to add some more value to the answers of other experts.
Thanks.
17 April 2012
Dear Amit,
I am not ratifying your answer but i am increasing the reliableness or i m strenghtning your view to the Author. It happened that Many times Author doest support / depend upon one answer or expert. Even Author wants that views are expressed by many so he will be having confidence about the matter.
Mr. Amit, i respect your view but sometimes we need to look at the problem from Author's point of view.
Hope you can understand. Even I am professional so i know whether should i put this comment or not?????
Dont take me wrong but it is also part of explanation for Author.
I am not ratifying your answer but i am increasing the reliableness or i m strenghtning your view to the Author. It happened that Many times Author doest support / depend upon one answer or expert. Even Author wants that views are expressed by many so he will be having confidence about the matter.
Mr. Amit, i respect your view but sometimes we need to look at the problem from Author's point of view.
Hope you can understand. Even I am professional so i know whether should i put this comment or not?????
Dont take me wrong but it is also part of explanation for Author.
17 April 2012
thanks for reply. but our consultant told me deducted education cess 3% i know cess on tds is not charges since f.y.2010 to till so please send of told me notification no or circular
18 April 2012
https://www.incometaxforngos.org/tds11-12.pdf
This is income tax website link and authenticated.
I will give you notification also once i find it.. for the time use it as proper source.
This is income tax website link and authenticated.
I will give you notification also once i find it.. for the time use it as proper source.
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