TDS

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Nirmal

Nirmal (Querist)
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20 August 2010 Is individual Liable to deduct TDs

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 August 2010 Yes. if he is covered under Sec.44AB complusory audit of books

otherwoise no

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 August 2010 No individual are not liable for TDS.

But the condition is : section 44 AB (Tax audit) is also not applicable to him otherwise it will be applicable.

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Nirmal

Nirmal (Querist)
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20 August 2010 is interest charhed on OD liable to deduction

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 August 2010 OD Interest is payment to Bank. The tds not applicable

CA Sanat Pyne

CA Sanat Pyne (Expert)
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20 August 2010 By virtue of section 194A(3) and section 197(1C) tds is not to be deducted on OD Interest .

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 August 2010 NO tds on interest payable to bank.

Nirmal

Nirmal (Querist)
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21 August 2010 One of our client is sole propritor of a say X communication.X communications capital account shows withdrawwal for clients LIC, amount paid to some other party shown as withdrawal through bank and Income Tax paid for X Coummunication.how sholud it be trated in X communication Balance sheet capital account

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