20 January 2015
hello sir/madam... one of our proprietor has taken loan from reliance for his proprietorship firm, he further gave loan to pvt ltd company.here the tds on interest paid by co. to proprietor is taken but no tds deducted for payment of interest from proprietor to reliance...please suggest reasons behind it.......
20 January 2015
Interest paid by individual to Reliance may be exempt from TDS provisions due to applicability of section 194A(3)(iii)(f) of the Income Tax Act 1961. You may check with Reliance (assuming Reliance Money) that whether it has obtained any exemption under the aforesaid provisions or not.
CAclubindia
