1. AN ASSESSEE WAS TAKEN LOAN FROM SUNDARAM FINANCE FOR PURCHASE OF LORRIES HE IS PAID EVERY MONTH E.M.I. INCLUDE INTEREST IF THIS INTEREST IS PAID WHOLE OF THE YEAR IS ABOVE RS. 5000/- ASSESSEE IS LIABLE FOR DEDUCTING OF TDS ON THE AMOUNT OF INTEREST PAID TO SUNDARAM FINANCE IF ITS MANDATORY PLEASE TELL ,
2. IF ASSESSEE IS NOT DEDUCT ON PAYMENT OF INTEREST TO SUNDERAM FINANCE IS IT DISALLOWANCE AT TIME OF STATEMENT OF TOTAL INCOME PREPARED , IF IT IS DISALLOWED PLEASE TELL WHICH SECTION IS DISALLOWED.
23 June 2009
Yes, TDS is mendatory to be deducted u/s 194A since sundram finance is not a bank. Further, in the lines of non deduction of TDS the same expense will be disallowed U/s 40a(iii)at the time of statemtn of total income
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