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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 i am businessman.
i taken money from 4 people as business loan(1 lac)
and giving them 2%per month interest (yearly 24%.)

then
can i deducted TDS on their interest?
how much?
how? procedure
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
08 August 2011 If UR Business Hav Tax Audit U/s 44AB Then You Should Deduct TDS.

Otherwise Cant

Regards,
Ayush Agrawal
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 i want start tax audit?
then how much i want to cut TDS?
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
09 August 2011 TDS @ 10% on Interest.

You will first have to take TAN No. by filling FORM 49B, then only you are eligible to deduct TDS.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
09 August 2011 You have to have minimum turnover of 60Lacs to deduct tax and to cover yourself under tax audit

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