Tds on unsecured loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 October 2016
Dear Sir
If we take unsecured loan in our personal account of about 20 lac without interest then in propritorship firm interest provision is mandatary or not. and if we paying him interest from his personal a/c then tds deduction is compulsory or not.
kindly suggest me.
If we take unsecured loan in our personal account of about 20 lac without interest then in propritorship firm interest provision is mandatary or not. and if we paying him interest from his personal a/c then tds deduction is compulsory or not.
kindly suggest me.
25 October 2016
As per me do not show it as a loan, coz, how a proprietor can take loan from his own proprietorship concern?? Its better to show it as drawings. But it is such a huge amount, so questions may arise from Department regarding such huge transaction. Look I'll suggest you to show it as drawings in multiple dates, instead of showing loan to proprietor.
25 October 2016
Sole proprietary business and owner are not separate under Income Tax Act. Question of loan / TDS does not arise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
