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Tds on loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 May 2015 DEAR SIR/MADAM,
I WANT TO KNOW THAT MY FIRM HAS TAKEN AN UNSECURE LOAN FROM MANY INDIVIDUAL PERSON AND HUF, AND OUR FIRM PAY THEM INTEREST ON THAT PARTICULAR LOAN AMOUNT.
MY QUERY IS SHALL OUR FIRM DEDUCT TDS AGAINST THE INTEREST PAID TO THEM, IF YES UNDER WHICH SECTION OF IT ACT I WILL FALL.
WHAT IS THRESHOLD LIMIT TO DEDUCT TDS ON INTEREST.
THANK YOU IN ADVANCE.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
16 May 2015 Yes TDS should be deducted u/s 194A @10% if threshold limit of Rs 5000/- p.a. per deductee is crossed.

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