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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 I have claimed an expenditure of Rs 66000 as Finance Charges paid to Magma Finance for FY 12-13 but I have not deducted and deposited TDS on the above amount. Now my accounts have been audited and return has been filed. I want to know what can be solution to this problem Please suggest me

CA UMESH DULAL

CA UMESH DULAL (Expert)
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25 October 2013 no need to deduct tds on such payment

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 Why sir, as Tds on interest payment has to be deducted

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CA UMESH DULAL

CA UMESH DULAL (Expert)
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25 October 2013 Instruction No 1425, dated 16-11-1981

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 But its for hire purchase transactions, No?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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25 October 2013 then what is your transaction?

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 The Vehicle is financed from Magma Finance, is this can be called as Hire Purchase Transaction

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 After the amendment made by finance act 2012 to proviso to section 201(1), what effect does it have on my transaction

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 October 2013 see, if you are able to establish that the recipient of the income has duly filed the tax return and discharged tax liability on such income, then you need not worry. else the said expense of Rs 66,000 shall be disallowed.