Tds on loan interest to partner

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student
248 Points Posted on 23 December 2020
hi,
shall I need to deduct Tds on the interest payable to the partner ( loan taken from partner) ??
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On 23 December 2020 at 11:50 Report
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Quick Summary
This discussion clarifies whether Tax Deducted at Source (TDS) needs to be applied when a firm pays interest on a loan taken from a partner. The general consensus is that if the firm is paying interest to the partner in their individual capacity for a loan provided, TDS is generally not required to be deducted. However, it's always best to confirm with current tax regulations.

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Tax consultant
5895 Points Posted on 23 December 2020
If firm paying interest then no TDS to be deducted
but if it's out of firm means individual then my opinion yes
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On 23 December 2020 at 12:24
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student
248 Points Posted on 23 December 2020
We are paying interest to our partner ( partner capacity)
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On 23 December 2020 at 12:26
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Tax consultant
5895 Points Posted on 23 December 2020
Sorry but don't understand you
we means in particular what
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On 23 December 2020 at 12:28
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student
248 Points Posted on 23 December 2020
We are paying interest to our partner from our firm to his account on the loan taken from him

is there any need to deduct Tds on this interest paid ?
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On 23 December 2020 at 12:30
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Tax consultant
5895 Points Posted on 23 December 2020
If firm paying interest no need to deduct tds
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On 23 December 2020 at 12:53
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student
248 Points Posted on 23 December 2020
Ok thank u
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On 23 December 2020 at 13:02

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