Tds u/s 194a
This query is : Resolved
20 October 2011
Sir,
Suppose, I have taken a loan of Rs.10,00,000/-
my emi is as under
Pri. Amt. Interest Install. Amt
10000 6500 16500
my question is that,
on interest i have to deduct TDS 10%
i.e. 650/-
but sir rs.16500/- have been deducted from my bank account in every month.
TDS of 10% is extra burdon on me.
sir pls tell me in my books of account how should i passed this entry for repayment and TDS
Its urgent
Suppose, I have taken a loan of Rs.10,00,000/-
my emi is as under
Pri. Amt. Interest Install. Amt
10000 6500 16500
my question is that,
on interest i have to deduct TDS 10%
i.e. 650/-
but sir rs.16500/- have been deducted from my bank account in every month.
TDS of 10% is extra burdon on me.
sir pls tell me in my books of account how should i passed this entry for repayment and TDS
Its urgent
20 October 2011
LOAN A/C DR 10000
INTEREST A/C DR 5850
TDS PAYABLE DR 650
TO BANK A/C 16500
AS PER LAW IF YOU TAKEN LOAN FROM BANK ..THEN THERE IS NO OBLIGATION TO DEDUCT TDS ON PAYMENT MADE TO BANK FOR INTEREST PAYMENT. SO PLEASE DON'T DEDUCT TDS
INTEREST A/C DR 5850
TDS PAYABLE DR 650
TO BANK A/C 16500
AS PER LAW IF YOU TAKEN LOAN FROM BANK ..THEN THERE IS NO OBLIGATION TO DEDUCT TDS ON PAYMENT MADE TO BANK FOR INTEREST PAYMENT. SO PLEASE DON'T DEDUCT TDS
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