Shreyansh Jain (Director) (59 Points)
10 March 2011
I have an Individual File but the party Mr. X holds a proprietorship firm which an audited firm is standing a good amount of sale every year
But company has no US loans but the proprietor has US Loan of 25 Lac on which he gives interested of 9%
Is he liable to deduct TDS or he is under the TDS Noms….
Please Do Clear Me The topic
Rachit
(Ca-Final Article.)
(565 Points)
Replied 10 March 2011
he will be liable to deduct tds Subject to if the money used in india.......................
as per section 9 of the incometax act ,1961
as in case of proprietorship
the proprietor and firm are not two diff. personality...........
so the loan taken by the proprietor will be liable to deduct tax and deposit the same.............
Pankaj Arora
(Learner)
(3134 Points)
Replied 10 March 2011
Yes individual can deduct tds but if proprietorship firm’s last year turnover was audit able u/s 44AB.
Shreyansh Jain
(Director)
(59 Points)
Replied 10 March 2011
Mine last year turn over was auidited 09-10
but i have not detucted any TDS on US loan (09-10)
what shall i do now is it nessery suggest me
Shreyansh Jain
(Director)
(59 Points)
Replied 10 March 2011
is there any penality which i have to pay and is it nessary to pay wat do u say sir
Rachit
(Ca-Final Article.)
(565 Points)
Replied 10 March 2011
it is necessary if that individual claiming or want to claim exemption of the sad amount as exp.
and ya there is a [panelty for late filing of return @ 100 /day of tds return sub to in which month he has paid the amount
and also for late deposit of TDS @ 12% p.a.
there are four quarter of year 1-4 to 30-06
01-07 to 30-09
01-10to 31-12
and 01-01 to 31.03
CAclubindia
