INT. ON LOAN-TDS.
This query is : Resolved
21 January 2011
DEAR SIR,
I HAVE TAKEN UNSECURED LOAN FROM AN INDIVIDUAL (BOTH HAVE PAN NOS.). WHILE PAYING WHOLE YEAR'S INTEREST, DO I HAVE TO DEDUCT TDS ? YEARLY INTEREST AMOUNT COMES TO ABOUT 5000/-. ALSO LET ME KNOW THE LIMIT FOR NOT DEDUCTING TDS.
THANKS
I HAVE TAKEN UNSECURED LOAN FROM AN INDIVIDUAL (BOTH HAVE PAN NOS.). WHILE PAYING WHOLE YEAR'S INTEREST, DO I HAVE TO DEDUCT TDS ? YEARLY INTEREST AMOUNT COMES TO ABOUT 5000/-. ALSO LET ME KNOW THE LIMIT FOR NOT DEDUCTING TDS.
THANKS
Guest
Guest
(Expert)
21 January 2011
Do you have business and What is your turnover in your business?
21 January 2011
SIR,
I HAVE PROPRIETORY CONCERN HAVING APPROX. TURNOVER OF 70 LACS p.a.. THIS LOAN IS SHOWN IN THE BOOKS OF INDIVIDUAL. ACTUALLY LOAN IS TAKEN FROM FATHER.
PLEASE GUIDE.
THANKS
ANCKOORA
I HAVE PROPRIETORY CONCERN HAVING APPROX. TURNOVER OF 70 LACS p.a.. THIS LOAN IS SHOWN IN THE BOOKS OF INDIVIDUAL. ACTUALLY LOAN IS TAKEN FROM FATHER.
PLEASE GUIDE.
THANKS
ANCKOORA
Guest
Guest
(Expert)
22 January 2011
In my opinion TDS will be required if you pay/credit the interest in excess of Rs. 5000/-
Message likes :
1 times
23 January 2011
As u have turnover of 70 Lacs so tax audit id applicable for u.
Whereever tax audit is applicable in previous fiancial year even in case of individual liability of deducting tax at source is arises. U have to deduct TDS is u are paying interest above exemption limit of Rs. 5000 in a year.
Whereever tax audit is applicable in previous fiancial year even in case of individual liability of deducting tax at source is arises. U have to deduct TDS is u are paying interest above exemption limit of Rs. 5000 in a year.
Message likes :
1 times
23 January 2011
Agree with experts
Guest
Guest
(Expert)
24 January 2011
Still, is there any doubt?
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
