Tds on interest

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2012 SIR

My clint(INDL) is maintaning separte books of accounts i.e one is Business set which is prorprietory busuness audited u/s 44 AB of IT act & other set which is persoanl Books of accounts having other souces income i.e Dividend, Interest, FD interest etc. during a Y 12-13 in personal set , interest paid in excess of Rs.5000/- whether TDS is to deducted or not ?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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28 June 2012 Yes, TDS is to be deducted if both the income pertain to a single assessee.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2012 Thank you for reply. But some confusion . As per guideline issued by CA institute & as per opnion of shri Palkhiwala, if two separate set of books of accounts are maintaned one for Business set & other set is personal set . If business set is requred to be audit u/s 44 AB the it is not necessary to audit personal set of accounts althou it combines all income . If personal set are not requred to be audited the How TDs is required to be decited in personal set comprising only Dividend income Interest on FDr & interest paid . If you have case lawa or other materisl plase secify.
Jayesh shah CA

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Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2012 If personal sets of Books of accounts are not requred to audited u/s 44 AB ( only business sets are required to be audited u/s 44 AB being proprietory concern) then How can a liability arises to deducted TDS in personal Set Books of A/c

Jayesh Shah