TDS
This query is : Resolved
27 October 2010
ABC IS PARTNERSHIP FIRM, IT IS LIABLE FOR AUDIT U/S 44AB.
(1)'A' IS PARTNER WHO IS PAYING INTEREST TO ITS FIRM(ABC) WHETHER HE IS LIABLE FOR DEDUCT TDS
(2)'A' IS PARTNER WHO IS PAYING INTEREST TO XYZ LTD. WHETHER HE IS LIABLE FOR DEDUCT TDS
(1)'A' IS PARTNER WHO IS PAYING INTEREST TO ITS FIRM(ABC) WHETHER HE IS LIABLE FOR DEDUCT TDS
(2)'A' IS PARTNER WHO IS PAYING INTEREST TO XYZ LTD. WHETHER HE IS LIABLE FOR DEDUCT TDS
27 October 2010
Assessee 'A' must be liable for tax audit to deduct TDS.
28 October 2010
In both the cases TDS A is not liable to deduct TDS as he, in his personal capacity, is not liable to tax audit. If this logic is extended, then each shareholder of a company becomes liable to deduct TDS for interest payment to anyone.
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