Tan number & tds deduction liablity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2013 Hi,

I am an Individual carrying on F & O Business. For these , I have taken loan from family members etc & paying them interest on same.

Please advise whether i am liable to apply for tan number & deduct tds on payments made by me...

Thanks..

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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19 August 2013 It is important to know what is your turnover? If it exceeds 1 Cr. then yes you have to deduct TDS and maintain proper books of account u/s 44AA and get the same audited u/s 44AB. After deduction you have to file your TDS return provided your tO is above 1 Cr.