Tds

This query is : Resolved

Parankush Tiwari (Querist)
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10 January 2015 1. Company receive a professional service through individual under section 194 J but individual are not cover section 44AB. Company should be deduct tds under section 194A.

2. Individual made interest payment to other individual, other individual is covered under section 44AB. what should be tds deduct under section 194A

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 January 2015 1) Company needs to deduct TDS u/s 194J on the professional service provided by the individual wheter the individual is covered under 44AB or not.

2) If the individual who is making the payment of interest was covered under 44AB in the previous financial year then in the current financial year he is liable to deduct TDS u/s 194A irrespective of whether the other individual who is receiving the payment of interest is covered under 44AB or not.

Hope its clear. In case of any doubt please revert back.

Parankush Tiwari

Parankush Tiwari (Querist)
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12 January 2015 In case of Deductor ( individual/HUF )to check covered under 44AB or not if covered under 44AB then deductor deduct to tds at payment of dedutee.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 January 2015 Deductor (individual/HUF) is not required to check the turnover of deductee.