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Tds on unsecured loans
my client turnover is 1.45 crores for FY.18-19.. till now he is opting for 44AD. now he wants to show profit less than 8%. and liable for tax audit. is he required to deduct TDS on interest on unsecured loans.
Replies (3)
No, an individual getting his books audited for the first time is exempt from deducting TDS for the said period.
Your client is required to deduct TDS on unsecured loans under 194A.
Even when your client opted for 44AD , at that time also if turnover / gross Receipts exceeded 44AB limits, TDS deduction becomes compulsory even if your client opted for 44AD.
Even when your client opted for 44AD , at that time also if turnover / gross Receipts exceeded 44AB limits, TDS deduction becomes compulsory even if your client opted for 44AD.
Yes if he is liable to get his account audited then he is liable to deduct tds
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