Dear Sir
With Greetings
I had taken a handloan of Rs.2,00,000.00 from a Financier with 7% interest per month through bank. The financer is asking me to pay the TDS and deposit in its account. Can you guide me whether the demand of financer is as per IT law and if so how to effect it and if not what I have to inform him
If you are an individual and your previous year's business turnover was below ₹1 crore (or professional receipts below ₹50 lakhs), you are not legally required to deduct TDS on the interest paid to your financier. If you do meet these thresholds, you must deduct TDS at 10% (provided they give you their PAN) if the total annual interest exceeds ₹5,000.
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