Interpretation of "resident" in sec.194a
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2014
Resp.Sir/Mam,
What is the interpretation of word resident in sec.194A of Income Tax Act,1961.Does it refer to only single resident from the viewpoint of payer??
For eg. A paid 5000/- to B and 15000/- to C. So will the section apply separately for both B and C or the limits considered in subsection (3) are jointly for both payees from payer viewpoint.Please Explain.
KCJM and Associates
(Expert)
21 August 2014
The threshhold limit as prescribed u/s 194A for deduction of TDS is to be calculated from viewpoint of payee and not payer.
As illustrated by you, no TDS will be deducted on interest paid to Mr. B while interest payment to Mr. C will be subject to TDS @ 10% on Interest amount of Rs.15,000/-
As illustrated by you, no TDS will be deducted on interest paid to Mr. B while interest payment to Mr. C will be subject to TDS @ 10% on Interest amount of Rs.15,000/-
Rupesh Jain
(Expert)
22 August 2014
tds will be deducted to payment to C it exceeds Rs. 5000/-
no tds on payment to B
no tds on payment to B
Rupesh Jain
(Expert)
22 August 2014
tds will be deducted to payment to C it exceeds Rs. 5000/-
no tds on payment to B
no tds on payment to B
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