TDS on Interest on Securities
This query is : Resolved
10 July 2007
Sir,
whether a firm can issue "deposits" ? If not, Whether it is possible to issue among the Partner's friends and relatives? if so, what is the TDS procedure? whether it come under 193 or 194A?
whether a firm can issue "deposits" ? If not, Whether it is possible to issue among the Partner's friends and relatives? if so, what is the TDS procedure? whether it come under 193 or 194A?
SHIV KUMAR GUPTA
(Expert)
10 July 2007
Firm can not issue deposits at all.
s.k.gupta
s.k.gupta
Shashi Mohan Jha
(Expert)
11 July 2007
A firm can procure money from Partner's friends and relatives but why to name it a "Deposit". Deposit is a term used by companies act...not applicable on firms.
In this case it is a simple loan and TDS would be attracted on interest paid to the depositors.
In this case it is a simple loan and TDS would be attracted on interest paid to the depositors.
CA BHARATH KUMAR
(Expert)
26 July 2012
not issue from firm
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