06 February 2015
My proprietorship firm is under audit u/s 44AB. I have paid late payment charges on purchases over 10000. Will I liable to deduct TDS on this amount or not?
06 February 2015
Agree with the view of Warrier Sir.
Also in Sri Venkatesh Paper Agencies (Hyd.) (P.) Ltd. vs Deputy Commissioner of Incometax, Circle3(1), Hyderabad it was held that TDS not required to be deducted on interest paid to creditors as it formed part of purchase consideration.
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