Tds on interest paid

This discussion clarifies the TDS (Tax Deducted at Source) requirements when paying interest on a loan from a friend. For individuals, TDS is applicable if the interest paid exceeds £5,000, with a standard deduction rate of 10%. However, this liability only arises if your business's total turnover in the preceding financial year surpassed £1 crore. The deadline for filing a revised income tax return for FY 2019-20 (AY 2020-21) is 31st March 2021.