08 September 2017
Dear Sir, (i) I am an Individual and having proprietary business and i took unsecured loan from friend and i am paying him more than 10,000/- per annum. Am i need to deduct TDS on such payments.For me Tax Audit is applicable. (ii) I have paid fright charges of 50,000/- and another payment of 15,000/-. Am i need to deduct TDS on entire value or only 50,000/-.
08 September 2017
Since you are covered under tax audit, you are liable to deduct TDS on your expenses and payments, how ever the each TDS section has the basic threshold limit for non deduction. so for interest payment threshold limit is Rs.5000 per annum under Sec.194A so interest payment attract TDS and freight & other payment check the sec194C exemptions and limits
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