TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2011 I AM AN INDIVIDUAL AND ALSO MAINTAINING A PROPRIETORSHIP CONCERN IN WHICH I TAKEN A LOAN FROM A INDIVIDUAL PERSON ON WHICH INTEREST IS ON 31-03-2011 3500/- AND I ALSO TAKEN A LOAN FROM THAT PERSON IN MY INDIVIDUAL BALANCE SHEET ON WHICH INTEREST IS ON 31-03-2011 2600/-.

IN THIS YEAR U/S 44AB WILL BE APPLY ON MY PROPRIETORSHIP CONCERN.

IN THIS CASE TDS WILL BE APPLICABLE OR NOT.

PLEASE TELL ME.

THANKING YOU

YOURS TRULY

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 May 2011 Limit Rs 5000/-

You pay Rs 6100/-

In case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 60 lakh or Rs. 15 lakh respectively in previous year, he is required to deduct tax at source.

So if Tax Audit was applicable for PY 2009-10 you are required to deduct TAX otherwise if it is applicable for PY 2010-11 you will be required to deduct TDS from Fy 2011-12.