Tds on interest on unsecured loan
This query is : Open
24 July 2013
I am Proprietor of a Firm. I have paid an interest on unsecured loan for rs. 25000. Should i deduct tds on same or not & why?
24 July 2013
If your file was under Tax Audit in preceding previous year you will have to deduct TDS u/s 194A @10%.
Example. If Tax Audit applicable in respect of FY 2012-13, TDS required to be deducted from FY 2013-14.
Example. If Tax Audit applicable in respect of FY 2012-13, TDS required to be deducted from FY 2013-14.
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24 July 2013
you havent mentioned whether you are liabe to tax audit?
and also to whom you are paying int on loan/
is it a private entity?
and also to whom you are paying int on loan/
is it a private entity?
24 July 2013
The firm was not under tax audit & this is an indidual person to whom the interest paid.
24 July 2013
Then TDS not required to be deducted.
24 July 2013
In case if paid to private person then tds needs to be deducted.
24 July 2013
Please refer : https://www.caclubindia.com/experts/tds-on-repayment-of-loan-1379189.asp
24 July 2013
Dear Tushar here the question is for Proprietorship Firm. If Tax Audit not applicable TDS not required to be deducted.
The link given by you is not specifically regarding Proprietorship firm.
The link given by you is not specifically regarding Proprietorship firm.
24 July 2013
THERE IS NO LIABILITY OF THE PAYER IN THIS CASE. TDS IS NOT REQUIRED TO BE DEDUCTED.
.
IF HE WISHES TO DEDUCT TDS- HE MAY DO SO.
.
IF HE WISHES TO DEDUCT TDS- HE MAY DO SO.
13 August 2015
when assessee have given unsecured loans to say for example to Mr. A, B C & D Now he wants to pay interest Rs. 3000, 3500, 4500, & 6000 respectively. Now whether he is require to deduct TDS only in case of Mr.D only ? i.e. only on the amount of Rs. 6000 or he is require to deduct TDS from all A,B,C,D on Total Amount (Rs.17000). Please assume that payer has audited books of accounts in P.Y.
13 August 2015
As i understand it require to deduct from only Mr. D i.e. on Rs. 6000/- only . Am I Right ? Please share your view.
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