Whether TDS to be deducted on interest paid by an individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2010
Dear Sir/Madam,
I am a proprietor (individual) of a manufacturing unit. I want to give interest against the loan taken from some one in my business. Can I give interest against the loan taken and do not deduct TDS.
I came to know from someone that if a person in Individual ( proprietorship) capicity makes payment of TDS, he is not required to deduct TDS.
Regards
Thanks in advance
I am a proprietor (individual) of a manufacturing unit. I want to give interest against the loan taken from some one in my business. Can I give interest against the loan taken and do not deduct TDS.
I came to know from someone that if a person in Individual ( proprietorship) capicity makes payment of TDS, he is not required to deduct TDS.
Regards
Thanks in advance
29 September 2010
You are right, provided there is no applicability of Tax audit under section 44 AB.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2010
But Sir my business is applicable for TAx audit a my turover is around 80 lakhs. Then what will be the status
29 September 2010
In that case you need to deduct TDS otherwise the interest on loan will not be allowed as expenses.
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29 September 2010
You will have to deduct TDS on payment in current year, if Tax Audit was applicable last year.
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