When an individual is liable to deduct tax at source (tds)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2016
If an individual's turnover is exceeding Rs.1 crore in A.Y. 2016-17 & he is making interest payments on 31.03.2016. So, is he liable to deduct TDS or he is liable to get registered under TDS from 01.04.2016??
So is he at default??
So is he at default??
06 May 2016
If the loan obtained by the assessee is for business purposes, the interest expenditure is deductible from the business income. Where the asseessee being individual or HUF is liable for tax audit during the previous year, he / she is has to comply with the provisions of Chapter XVII (TDS).
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Rupesh Jain
(Expert)
06 May 2016
if his lst hyear turnove exceeds rs. 100 lacas then he have to deduct the tds on the make payment to person as per specified in law.
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