When does tds have to be deducted on interest amount ?
This query is : Resolved
23 July 2012
Under what circumstances does TDS have to be deducted from Interest paid\accrued on Loan taken ?
23 July 2012
TDS need to be deducted on accrual(Credit) or Payment which ever is earlier
24 July 2012
Agreed to Ramesh Sir
Regards
Sanyam Arora
Regards
Sanyam Arora
25 July 2012
What I mean is - WHAT SHOULD BE THE STATUS OF THE 2 ENTITIES ? For e.g. , if both - the Loan Giver as well as Loan receiver are Individuals , in that case , would TDS have to be deducted from the Interest Amount ?
25 July 2012
No. individual case, not required unless they payer covered under sec.44AB
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25 July 2012
If a Pvt. Ltd Company or a Business Firm (Proprietorship or Parnership) lends money as Loan to an Individual , then would the Individual have to deduct TDS from the Interest amount that he pays to the Firm/Company ?
25 July 2012
No as a Individual, no need to deduct TDS on Interest payment to others.
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