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Tds on unsecured loan
Hi anybody can tell me tds limit on interest on unsecured loan is rs 5000 ...Will it be annual interest amount or monthly interest amount???
Replies (13)
It is annual interest amount.
ok sir. if i take unsecured loan on march 2018.and the interest amount doesnot exceed rs 5000 in march month 2018 i mean in f.y. 2017-18.. but if i consider from the period march 2018 to feb 2019 then interest amount on unsecured loan exceeds rs 5000 ... so in that case which period will consider f.y. 2017-18 for march 2018 or the period frim mar 2018 to feb 2019???? plz reply sir
It is considered financial year wise. so for 17-18 no TDS
ok sir fine then tds will be deducted from the period april 2018....Am i right sir????plz reply sir
Right only from April - February
i will continue loan amount then march 2019 will i deduct tds on unsecured loan??? as my interest amount exceeds rs 5000 from the period april2018 to march 2019...sir plz reply
Ye you are liable to deduct TDS on interest paid for entire Financial Year
sir plz reply
Yes, you are liable for TDS on interest paid for entire FY i.e. April to March. Hope this is clear
yes sir. sir one thing plz clear me if i pay professional fees to the person in march 2018 of rs 25000 and in that case i donot deduct tds in f.y. 2017-18 as i pay professional fees below rs 30000 in f.y. 2017-18.... am i right sir ???? plz clear me.....
You are not liable to deduct TDS in the above case.
sir i have taken rs 10000000 unsecured loan in jan 2012 i alerady deduct tds on interest amount on unsecured loan in f.y.-2017-18 . but i have taken some few amount unsecured loan in march 2018 ... where i calculate that the interest amount on additional some amount loan does not exceed in f.y. 2017-18...so can i deduct tds on some amount of additional unsecured loan in f.y. 2017-18 ???? plz reply sir
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