Whether TDS to be deducted on interest paid by an individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2010
Dear Sir/Madam,
I am a proprietor (individual) of a manufacturing unit. I want to give interest against the loan taken from some one in my business. Can I give interest against the loan taken and do not deduct TDS.
I came to know from someone that if a person in Individual ( proprietorship) capicity makes payment of TDS, he is not required to deduct TDS.
Regards
Thanks in advance
I am a proprietor (individual) of a manufacturing unit. I want to give interest against the loan taken from some one in my business. Can I give interest against the loan taken and do not deduct TDS.
I came to know from someone that if a person in Individual ( proprietorship) capicity makes payment of TDS, he is not required to deduct TDS.
Regards
Thanks in advance
29 September 2010
You are right, provided there is no applicability of Tax audit under section 44 AB.
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2010
But Sir my business is applicable for TAx audit a my turover is around 80 lakhs. Then what will be the status
29 September 2010
In that case you need to deduct TDS otherwise the interest on loan will not be allowed as expenses.
Message likes :
1 times
29 September 2010
You will have to deduct TDS on payment in current year, if Tax Audit was applicable last year.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
