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TDS applicability

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(Querist)
21 March 2011 Hi,

I want to know i.e. whether TDS is applicable to residential Individual(TAx Audit not applicable) on Interest payment to NRI.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
21 March 2011 No TDS not required to be deducted as Tax Audit is not applicable.
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Satyendra

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Satyendra (Querist)
21 March 2011 Please give sec. reference for this suggestion.
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Jainish shah

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Jainish shah (Expert)
21 March 2011 Kindly refer section 195 of the Act.

According to the provision of this section,

"Any person" responsible for paying to a non resident, not being a company, or to foreign company, any interest or any other sum chargeable under the provisions of this act except salary shall deduct tax thereon.

the word "Any person" includes persons not liable to 44AB as well as any other persons.

Hence, you have to deduct tax on any payment which is income of that such NRI except salary.
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Satyendra

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Satyendra (Querist)
21 March 2011 Thank You Jainish Shah.
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