TDS on Interest(Share)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2011
sir my query on
whether TDS will be deductd on Interest paid to broking firm for shares purchased under margin funding scheme.(NBFC)
because i am individual person. i had not paid any interest to my broking firm but they have debited in my account each monthly in my account.
but as per TDS provision Credit or Payment whicever is earlier rule.
please my above problem.
whether TDS will be deductd on Interest paid to broking firm for shares purchased under margin funding scheme.(NBFC)
because i am individual person. i had not paid any interest to my broking firm but they have debited in my account each monthly in my account.
but as per TDS provision Credit or Payment whicever is earlier rule.
please my above problem.
24 June 2011
If you are not covered under section 44AB ie if you are not liable for tax audit, then you are not liable to deduct any TDS.
24 June 2011
First of all the transaction through share brokers there is no provision to deduct tax on brokerage. Now, if the broking firm has charged interest in your account then as has correctly been replied by other expert that till your individual turnover does not exceeds the minimum turnover as required by the provisions of Section 44AB you need not deduct any TDS from any interest paid by you irrespective of the section as quoted by you.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
