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prashant kulkarni   09 April 2020

Tds on interest paid

I am prorietor of my business and I have taken some loan from my friend on interest.what is limit to deduct TDs on interest paid to my friend.

 4 Replies

Vinay Govi

Vinay Govi   09 April 2020

If the interest paid is more than 5000 you are required to deduct TDS @ 10%
rama krishnan

rama krishnan   09 April 2020

The threshold limit for tds on interest is 5000. however, since you are a individual, the liability to deduct TDS arises only if the total turnover or sales of the immediately preceding previous year exceeds 1 crore
1 Like
prashant kulkarni

prashant kulkarni   31 March 2021

What is last date to file revise income tax return for f.y.19-20
rama krishnan

rama krishnan   31 March 2021

Last date to file revise return for a.y.2020-21 is 31st March 2021

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