We are proprietorship firm with a individual PAN and paid interest of Rs.15000 to a person March 2020. We weren't under Audit last assessment year but will be under Audit in the current assessment year as our turnover crossed the audit limit of 2 Crore last financial year and we are liable to deduct TDS from this year. Do we have to pay TDS on the interest paid in the last financial year?
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Is TDS applicable on this?
Replies (6)
Quick Summary
TDS required only if last year your t/o was more than 1cr in previous year(business) or Gross Receipts more than 50 lakh in previous year(profession).
Our TO was more than 1 Cr but we were filing under sec 144AD presumptive income of 8% with no books of accounts maintained for previous years. Do we still have to deduct TDS?
Yes You need to deduct TDS
Hmmm..its a bit confusing when I read this https://cleartax.in/s/tds#:~:text=Any%20person%20making%20specified%20payments,not%20required%20to%20be%20audited.
and this
https://www.financialexpress.com/money/income-tax/tds-liability-for-individuals-not-liable-for-tax-audit/1761980/
It says individuals and HUFs are not liable to pay TDS (except for certain specified payments like property and Rent) if their accounts are not liable for Audit.
Quite confused..
As per section 194A of income tax act TDS needs to be deducted... You can ask your CA or take professional advice for the same
You are liable to deduct TDS
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