TDS

niloy sanyal (account manager) (777 Points)

23 February 2011

We are Paid This Year(F.y 2010-11) Interest on Unsecured Loan Rs. 20000.00 ( Mr. Amal 15,000 & Mr. Tamal 5,000) then can We deduct TDS Or Not?

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7 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 23 February 2011

yes you can deduct tds u/s 194 on interest threshold limit is Rs.5000/-

CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN") (114225 Points)
Replied 23 February 2011

Sec 194A-Interest other than from a Banking Co.

You can deduct TDS from Mr. Amal (10% of Rs 15000/- = Rs 1500).

You can not deduct TDS from Mr. Tamal as threshold limit of Rs 5000/- is not crossed.

Karan Teli (Life Is just an Illusion...!!) (4573 Points)
Replied 23 February 2011

TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted...

Devi Kala (Chartered Accountant) (359 Points)
Replied 23 February 2011

Originally posted by : Karan Teli
	TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted...

vijayaggarwal (CA. IN PRACTICE) (89 Points)
Replied 23 February 2011

Mr. Sanjay and Karan both are right

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(Guest)

Originally posted by : Karan Teli
	TDS @ 10% needs to be deducted to Mr. Amal since the limit of Rs.5000/- is crossed and no TDS on Mr. Tamal needs to be deducted...