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Querist : Anonymous

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Querist : Anonymous (Querist)
15 January 2010 hello to all experts nd friends.. hr z my Q..
if an individual's turnover is exceeding Rs.40lakh in 2009-10 .... will he be liable for deducting Tax on Source for Interest payment in 2009-10???

what if his turnover z below 40lakh while making interest payment exceeding 5000 during the year (suppose 39lakh in december 09 at the time of making payment..)????

kindly answer with explanation....???
thank you....
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
15 January 2010 TDS deduction liable only if turnover exceeds Rs. 40 lakhs in the previous financial year. So if turnover exceeds Rs. 40 lakhs for the first time in f. y. 2009 - 10 then TDS not liable for F. Y. 2009-10.
However from 01.04.2010 all payments liable for tax deduction TDS has to be deducted
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
15 January 2010 agree with Aditya ji
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
15 January 2010 agree
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
15 January 2010 Thank you for your acceptance
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 January 2010 agree
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
15 January 2010 Agree with experts.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
15 January 2010 again thank you for your acceptance
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2010 thanks to all of you............!

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