Tds on 194a
This query is : Resolved
12 May 2015
sir,
iam taken a loan finanace company like sundram finance , cholamandam,sriram equipment etc
sir , should tds return on interest on loan is filled by me &interest is paid by me also
iam taken a loan finanace company like sundram finance , cholamandam,sriram equipment etc
sir , should tds return on interest on loan is filled by me &interest is paid by me also
12 May 2015
Yes TDS is required to be deducted from interest paid to a non banking finance company and interest paid is more than Rs. 10,000/-. However if being an individual you will be liable to deduct TDS only if your accounts were audited u/s 44AB in the immediately preceding year.
12 May 2015
Sorry in case of individual if interest paid is more than Rs. 5000/-.
12 May 2015
Add additional point: If the loan is taken for business purpose then you have to deduct TDS. If it is for personal nature then no need to deduct TDS.
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