Dear Sir, i have a question, if a company have taken loan from their shareholder and company are paying INR 15000/- to the shareholder as interest on loan amount, but the company did not deduct the TDS on interest payment because at the time of loan amount receiving, shareholder was said that i will give to you (Comapny) 15G form (FY-2016-17) so plz do not deduct the TDS, but still we did not get the 15G and FY 2016-17 has ended, and now shareholder are saying that i cant give the 15G bcz my income are coming uder taxable... so plz tell me what can do the company in this case....
Menu
Tds on interest income...
Replies (13)
Clarify your shareholder that Form 15 G required to fill when income ia below taxable limit as in this case.
If he will not submit 15 G then TDS @ 10 % is required to be deducted
If he will not submit 15 G then TDS @ 10 % is required to be deducted
The TDS amount to be deducted & paid to the govt., the due date for payment of TDS for March 2017 was 30-Apr-2017, still you can pay TDS to govt. with interest till date and file the TDS returns for 4th Quarter.
if you already file the TDS returns, the revise the same return online in TRACES website by giving online corection request after payment of such TDS on interest.
you can also submit form 26A before the competent authority before filing your return of income
Dear Rashmi Mam, thanks for ur reply,
i already inform to the shareholder the same thing as u said, when we received the loan amount that time he said that i will give u 15G but still we did not get the same, and now he are saying that i cant give 15G my interest income are uder taxable in FY 2016-17, Loan was received in Sep_16. and we hv paid interest without TDS till 31st March 17 and 2nd & 3rd QTR returne of TDS also submited....so what can we do now.
please suggest me...
Thanks
Then clearly instruct him that u r deducting TDS in IV Qtr on all payment by adjusting it from his loan a/c.
& if he is not giving u 15G then u r under obligation to deduct TDS otherwise such interest will be disallowed.
Dear Mam, thanks,
should we deduct the TDS in march month or total divide into Three Month JAN, FEB, MAR,
plz also sugest, how can we deduct the TDS with interest or not.
Thanks.
You can deduct TDS when you pay it to assessee.
we are paying salary for one person about 36000, but we are not deducting tds from him. but we dont need deduct tds amount . if we should pay through bank 25000 and then pay by cash 11000 it is accptble or not.
Yes it is acceptable
But from A.Y.2017-18 you can't pay salary more than 10000/- in cash
hi
Payment by cash and bank will be added and tax has to be worked out taking into account the allowable deduction u/sec 80 c etc
K. Srinu
If salary 36000 per month.
u shold deduct tds..it's not acceptable.
Recent Threads
- TDS u/s 194J - training honorarium
- WHERE TO REGISTER UNDER PTRC AND PTEC ACTS ?
- Key Corporate Compliance Requirements for Private
- Gst Non Filling Return Notice
- GSTR 2B ( MULTIPLE MONTHS )
- Eway bill generation for export material.
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
Related Threads
CAclubindia
