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TDS ON UNSECURED LOAN
sir plz clear me that i will deduct tds on rs 10000000 in f.y. 2017-18 as the interest on unsecured loan exceeds rs 5000 but i donot deduct tds on interest on some amount of additional loan which i have taken on march 2018 as interest on this additional loan does not exceeds of rs 5000 in f.y. 2017-18... Am i right sir??? plz reply me
Replies (9)
If the interest on such additional loan is being paid by you to the same payee whom you had paid the interst on 1st loan, in that case you need to deduct tax upon whole interest amount (old + additional), because total interest is paid to the same payee which is more than Rs.5K.
and if i take unsecured loan from different person then can i deduct tds on additional interest amount where interest amount on additional loan can not exceeds of rs 5000 in f.y. 2017-18.... sir plz reply me....
If the payee is different and the interest amount paid to him is less than Rs.5K, then you don't need to deduct tax.
one more thing sir under sec 194 I if i pay monthly rent of rs 16000 and i deduct tds 10% every month after continuing 3 months suddenly if i leave the office room and in that case what will be the situation on tds which i have deducted for 3 months because in this f.y. rent amount does not exceeds of rs 180000.... plz reply me sir
For those 3 months you have already deducted tax and deposited to CG, right?
yes sir
So where you have already deducted tax and deposited to the credit of CG, then what's the confusion? You have to file the TDS return for the same. so that the payee would get the credit for the same.
sir one more thing please clear i have paid 4 instalment payments one is rs 40000 other rs 20000 3rd is rs 20000 4th is rs 30000.... in a cotractual work so can i deduct tds at first 40000 and end of the f.y. i deduct tds on rs 20000+ rs 20000+rs30000 in this way sir???? please clear me
agree with Kundu sir
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