A company is paying EMI (Principal+Interest) to a finance company since 2014-15 up to current F.Y. 2016-17 but the company has not deducted TDS ever on interest part. Now the company wants to deduct TDS on interest portion i request you to kindly advise me under which section company should deduct TDS and what are penal charges which has to be borne by the company for not deducting and depositing TDS. Whether it will attract interest on delayed payment of TDS or it will also attract penal charges for not deducting TDS ever.

This is a request for guidance - We are running a private limited company, which is registered under Delhi ROC. Can you please let me know what are the procedures which we need to follow U/s 185 C.A 2013 for providing loans of Rs.5 Lac to one of our company director.

Our company which satisfies the following conditions:

(a) In company capital no other body corporate has invested any money, i.e., its shareholder does not include any body corporate;

(b) Campany hasn't any liability in terms of any borrowings from banks or financial institutions or any body corporate

Please do let me know your valuable suggestion and guidance.

are we allowed to write questions and subquestions in random order? dor eg. I mean..order like.. Q3.A Q2.C Q5.A Q2.B Q3 B etc?

Facts of the case -

Assessee borrowed capital from his mother for the purposes of this business.. 

Assessee wants to pay interest on on that capital


Queries - 

1. Can the assessee pay Interest on Capital? If yes, at what percentage?

2. Does he need to deduct TDS for this Interest on Capital? If yes, at what percentage?

3. What is the last date to deduct & deposit such TDS?

4. Does the assesee require TAN number for such TDS deduction?


Please help me out. 

Thanks in advance. 

Dear Experts Please give me Clarification on " Closing books of accounts" what it mean ? it is same for company , firm and sole proprietor??

I want to know that once the equalisation levy is deducted @6% and same is also deposited to the central government within the due date, then who will get the credit of the amount deducted and how? Also as per section 10(50) if equalisation levy is deducted then the income will be exempt. Now my question is whose income will be exempt because already income of non resident is not taxable in india as it is not having any PE in india, so how income tax of India can exempt the income of NR?
Please clear my doubts and thanks in advance.

Dear Experts,
I have open DMAT Account. Pls clarify do Need to disclose My DMAT account in my ITR?

Thanks & Regards
Aniket Jaiswal

I have to start a Proprietorship business & want to make a PAN Card on the name of my business, while i have already an individual PAN Card on my name. Is it possible ?

Please give me suggestion for PAN Card in the name of my firm only

Sir actually my friend's father is doing business and in Feb he received a notice of income tax regarding a transaction occur after demonitisation of around 10 lac rs,notice to showing the details of business for ex. Sales record, cash a/c ,ledgers,audit report and other details till 22 Feb but his father is unable to go there in income tax office because of some circumstances and now year ending and no communication happened yet between them to IT office so now what him to do and what are the consequences of not communicating with IT office till now please explained in detail

I had purchased under construction flat. Since it was getting delayed , builder offered me ready to move flay . But he is charging service tax on that. He says though he got completion certificate for the project under which this flat is there but not got completion for entire township under which this project falls.
Is it justified?