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TDS on Interest paid to Partners on their loan A/c.

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(Querist)
27 July 2010 Is is necessary to deduct the TDS on the interest paid/provided on the loan from partners in the Partnership Firm u/s 194A?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
27 July 2010 YES ,TDS IS TO BE DEDUCTED ON LOAN INTEREST . OTHERWISE EXPENDITURE WILL BE DISALLOWED.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
27 July 2010 YES, TDS WILL BE DEDUCT ON INTERST PAID ON LOAN BY PARTNERS.
BUT TDS WILL NOT BE DEDUCTED ON INTREST ON PARTENR CAPITAL.
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
27 July 2010 agreed with mr. bansal tds is applicable on intt on loan but it is not applicable on intt on capital
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 July 2010 As per 194A(3)(iv) income tax need not be deducted.
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VINOD ARORA

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VINOD ARORA (Expert)
03 August 2010 I agree with Mr B. Chakrapani Warrier, that as per S. 194A(3)(iv) the provisions of S. 194A(1) does not apply to such income as may be credited or paid by a firm to a partner of the firm.

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