TDS on Interest(Share)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2011
sir my query on
whether TDS will be deductd on Interest paid to broking firm for shares purchased under margin funding scheme.(NBFC)
because i am individual person. i had not paid any interest to my broking firm but they have debited in my account each monthly in my account.
but as per TDS provision Credit or Payment whicever is earlier rule.
please my above problem.
whether TDS will be deductd on Interest paid to broking firm for shares purchased under margin funding scheme.(NBFC)
because i am individual person. i had not paid any interest to my broking firm but they have debited in my account each monthly in my account.
but as per TDS provision Credit or Payment whicever is earlier rule.
please my above problem.
24 June 2011
If you are not covered under section 44AB ie if you are not liable for tax audit, then you are not liable to deduct any TDS.
24 June 2011
First of all the transaction through share brokers there is no provision to deduct tax on brokerage. Now, if the broking firm has charged interest in your account then as has correctly been replied by other expert that till your individual turnover does not exceeds the minimum turnover as required by the provisions of Section 44AB you need not deduct any TDS from any interest paid by you irrespective of the section as quoted by you.
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