25 February 2013
Dear respected members,I am a lawyer working with a law firm and getting professional fee, whereon I TDS is deducted every month. In the month of June 2012, I have taken loan/advance of Rs. 55,000/-form my office with an understanding that I will repay Rs.5000/- every month. The accountant had deducted 5,500/- as TDS on the above amount.
Now my query is that the said TDS has been deducted wrongly because I have to repay the whole of the above amount in 11 equal installments. Therefore, the said sum of Rs.55,000/- can not be said to be my income. I want to know that the said TDS is applicable on the advance/loan, which is to be repaid to the office. If it is illegally deducted then how can i get my Rs.5,500/-?
CAclubindia
