Tds on interest

TDS / TCS 687 views 2 replies

Respected Sirs,

I would like to know one thing.My bose is individual.

My bose taken a loan from individual for the F.Y.2010-2011 and paying interest thereon.The interest amount croses 10000

Therefore, I have to deduct TDS @ 10%.But I have not deducted TDS on Interest paid under 194A.Should I deduct TDS now for the F.Y.2010-2011,because due date of filing return for individual is 31july The other person had not filed his return for the F.Y.2010-2011.He asks TDS Certificate.Shoud I deduct TDS now and issue certificate.and what is the penalty (interest rate on late payment of TDS)

Please give me advice in this regard urgently

Thanks to all

Replies (2)

do not deduct as per my opnion as individual is not liable to file TDS return if loan is personal nature if for business purpose then you have to deduct TDS @ 10%

agree with the above...u should b under tax audit for compulsorily deduct TDS n if yes then the exp would have been disallowed for the year hence if u pay now then the exp will b allowed for the F.Y. 2011-12


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