Interest is a part of salary or not??
This query is : Resolved
09 April 2010
R/sir,
I want to know that If we are assumeing Mr. A is an employee in our company.His salary is over 50 lakhs. as well as we are paying interest to Mr. A agst his salary amount treated as an unsecured loan.
My question is that this interest is a part of income from salary or Other than salary or in which section we are deduct the tds on interest (192B or 194A) or both.
PLEASE REPLY ME IN SECTION AS WELL.
Regards,
Naveen
I want to know that If we are assumeing Mr. A is an employee in our company.His salary is over 50 lakhs. as well as we are paying interest to Mr. A agst his salary amount treated as an unsecured loan.
My question is that this interest is a part of income from salary or Other than salary or in which section we are deduct the tds on interest (192B or 194A) or both.
PLEASE REPLY ME IN SECTION AS WELL.
Regards,
Naveen
09 April 2010
Intrest on unsecured loan will not be part of salary. TDS on interst will be deduct u/1 194 A.
On salary TDS will be deducte u/s 192B.
i.e We have to assumed that Salary has been paid once and recd back as unsecured loan.
Other expert's view are solicited.
On salary TDS will be deducte u/s 192B.
i.e We have to assumed that Salary has been paid once and recd back as unsecured loan.
Other expert's view are solicited.
09 April 2010
His income from Interest will be assessed as incoome from other sources, however employer company, knowing his sources and amount of income from interest, the the request from him may consider his interet income also while computing his totol tax liability and the TDS may be deducted under section 192.
Hope this clarifies your query. kinldy let me know if you need further calrification.
Hope this clarifies your query. kinldy let me know if you need further calrification.
09 April 2010
Agreed. Rightly said by Experts.
Treat salary and loan seperately as if we treat in case it is given and taken from different persons.
Treat salary and loan seperately as if we treat in case it is given and taken from different persons.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
- Query for dubts
Trending Online Classes
CAclubindia
