TDS ON LOAN????

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2010 Respected Experts

I have taken a loan of Rs. 20 Lac from my company, which is pvt. ltd. and I am employee of the company. I have two Query?

1. Which is Fair Rate of Interest back to company on Loan?
2. Being an individual, It is my responsibility to deducted TDS on Intt. Paid or not?

Thanks

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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29 November 2010 Fair rate is bank rate of interest.

Individual doesnot have to deduct the TDS on interest payment.

AMAN Gupta

AMAN Gupta (Expert)
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30 November 2010 Since you are in employment and not a businessman So, sec 194A can not be applicable on you. So, no liability to deduct TDS. Please clear your first question.

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