Dear Friends,
Hello!
I would be obliged to receive answers to the following: (The individual's business is online commodities trading, in which he takes amounts on loan from individuals and pays them monthly interest @ 4% per month)
1. Is TDS to be deducted from the amount paid as interest, if the interest amounts exceeds Rs 20,000/- p.a., towards loans received from individuals? If yes, is it 10.3% on the interest amount payable?
2. Can the amount of TDS be deducted monthly wise and be paid at the end of the year in March in one lumpsum or does it have to be paid monthly wise only?
3. Is it also correct that if the individual's turnover is less than Rs 60 lakhs, it is not mandatory to deduct TDS from such amounts? And how is the above turnover to be calculated? What shall constitute the turnover, only the profits or losses or both to be added? Or the value of the sale/purchase?
4. Can TDS be deducted only once at the end of the year in March only and paid in the same month? Or is it mandatory to deduct & pay the same every month?
Thanking you all in anticipation,
Truly yours,
B S BHMRA
CAclubindia
