We have a partnership firm and also TAN NO. We paid a HUF of Rs. 48000.00 as interest amount without deduct any TDS. SO there will be any problem?
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Tds not deducted
Replies (6)
kindly tell the nature of payment made to HUF
Section 194A as interest
you need to deduct tax on payment
Sir
I know I have to be payment if I don't so, what will be the penalty or what is the rules for that, I just want to know that.
first of all you are assessee in default for non dedcution of tds..
secondly the 30% of your expenses on which tax not deducted will be disallowed...
secondly the 30% of your expenses on which tax not deducted will be disallowed...
no problem... file itr of huf by fully disclosing its income incl. this 48000. huf must pay tax on it. then get that certified by a CA that tax is paid by HUF on that amount.
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