Mrs X has given an unsecured loan to her husband.When he makes the payment of interest to her, will TDS be deducted?
3 Replies
NILA REJESH P
(Chartered Accountant)
(815 Points)
Replied 07 December 2013
| Originally posted by : Diksha | ||
 |
Mrs X has given an unsecured loan to her husband.When he makes the payment of interest to her, will TDS be deducted? |  |
Yes.TDS should be deducted.
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 08 December 2013
Yes TDS needs to be deducted irrespective of the fact that they are relative or spouse .
sreekanth.ca
(CA Job)
(39 Points)
Replied 09 December 2013
This Depends on Whether Mrs. X (Who is Paying such Interest), Is Liable to Tax Audit Under Section 44AD of Income Tax Act or Not.
If She is Liable to Tax Audit, then Only she Needs to Deduct TDS Under Section 194A of Income Tax Act , Otherwise No Liability for TDS deduction Under Sectionn 194A.
Refer the link which Exoplains the TDS on Interest , under Section 194A In simple Words & Gives every point about 194A Link:https://www.exploreincometax.com/Income-tax-Ready-Reckoners/all-about-tax-deduction-at-source-on-interest-payments-otherthan-securities-tds-under-section-194A
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