interest reporting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 March 2011
I took a loan of Rs 1 crore from an investor to open a shop. I pay him interest of 15 lac at the end of the year.
I deduct tax at source from the interest that i pay him. Other than this, how can i inform income tax dept that i pay interest to this person.
I deduct tax at source from the interest that i pay him. Other than this, how can i inform income tax dept that i pay interest to this person.
23 March 2011
If your books reflect the position clearly i.e., loan, interst, lender etc, then no need to bother.
File the tds return properly and the person gets credit.
Your IT return will reflect your position and his IT return will reflect his income etc.
File the tds return properly and the person gets credit.
Your IT return will reflect your position and his IT return will reflect his income etc.
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