Whether TDS liability of Interest on loan under section 194A will be recorded in the books, If Interest is paid out of capital?
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Interest out of capital
Replies (2)
TDS u/s 194A is not deductible on Interest paid to partners on the capital contributed.
Regards,
Devendra Kulkarni
Devendra sir, please justify your comment with case study.....
According to me firm has to deduct TDS u/s 194A of income tax act. bcoz it clearly state that INTEREST OTHER THAN INTEREST ON SECURITIES (BY OTHER).....
If firm paying interest on capital to partner is more than limit as per tax then firm has to deduct the tds on the same......
please reply.....
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