Is there any tds liability on payment of interest on advance received in case of breach of sale of goods contract on the part of the seller.
As there is no tds liability in case of payment of interest by purchaser on late payment of sale consideration.
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Tds on interest
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I think TDS under Sec.194A shall be attracted.
If interest payment exceeds ₹ 5000 (other than Banks, co-op, PO), Tax shall be deducted under section 194A.
- Section 194A deals with deduction of TDS on interest other than interest on securities like Interest on Fixed Deposits, Interest on Loans and Advances other than banks. I think TDS of 10% shall be deducted if interest amount exceeds Rs. 5000.
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