Interst payment
This query is : Resolved
26 December 2014
We are a car dealer and recieved interst from
customers on late payment. is that allowed or whether they have to deduct tds on that amount and what is the limit for tds deduction
customers on late payment. is that allowed or whether they have to deduct tds on that amount and what is the limit for tds deduction
26 December 2014
tds on rs.5000/- will deduct @ 10% .
26 December 2014
so if a individual customer pay interst of Rs. 6000. so he is bound to deduct tds and file tds return
26 December 2014
As per Section 194A TDS on interest other than interest on security is applicable in case of individual or HUF whose provision of TAx Audit is not applicable in last financial year.
In your case it seems that these individuals are covered under section 44AB (tax audit), Therefore they don't need deduct and deposit TDS on Interest payment to CAR Dealer
In your case it seems that these individuals are covered under section 44AB (tax audit), Therefore they don't need deduct and deposit TDS on Interest payment to CAR Dealer
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?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
