If a proprietor maintains separate set of books for proprietary firm and personal books and the firm is subject to tax audit in previous yrs , then any interest paid from personal books is liable for tds?
02 December 2013
He is liable to TDS as being an assessee under the tax audit provisions,he is legally bound to deduct TDS on any interest payment exceeding Rs 5000/-. .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
02 December 2013
But he is taking loan in his personal name and den transferring loan amt in firms books of account. .