19 November 2016
HI Sir/Madam In case of proprietor ,If interest is debited to capital account and tds is not deducted from such payment made to NBFC ....then whether it is to be liable for any penalty or dis allowances??
19 November 2016
If the proprietor is liable to tax audit, he is required to deduct tax at source on interest paid to NBFC. There shall no dis-allowance as the said amount is debited to Capital account, however, Interest and penalty may be levied.
CAclubindia
