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
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
CAclubindia
