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TDS

SRINIVASULU SURE (CA in Practise) (80 Points)

09 June 2009

The assessee is paying interest on car loan to Shri ram transport finance co. and State bank of India. Whether the assessee is liable to deduct TDS on interest?

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Kunal Baid (Manager - Finance) (24 Points)
Replied 10 June 2009

. Persons liable to deduct tax at source: Any person except individual or Hindu Undivided Family (HUF). But, individual and HUF are liable to deduct if their turnover or gross receipts from business or profession exceeds the limits specified in section 44AB. In other words, if the individual or HUF is liable to get accounts audited under section 44AB, they would be covered