Siddharth (Student CA Final ) (24 Points)
01 March 2013Dear all,
Stucked in small cofusion. Suppose Mr.X pays Rs. 15000 interest to bank. As per sec.194A, TDS @ 10% will be deducted if interest amount exceeds Rs.10000. So on what amount TDS is to be deducted here. Rs.5000 (15000-10000) or Rs.15000. Kindly help.
Thanks in advance.
Regards,
Siddharth.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 01 March 2013
it shud be on thw whole amount and not on the amount excluding the threshold.
Sanjay Singh Rana
(CA)
(208 Points)
Replied 01 March 2013
Hi siddarth, TDS will be Deducted on whole amount. i am agreed with giridhar ji.
CA Deepak Rathore
(EXPERT)
(281 Points)
Replied 02 March 2013
yeah its on whole amount,
but As per section 194A,Interest paid to bank not liable for tds deduction
Sanjay Singh Rana
(CA)
(208 Points)
Replied 02 March 2013
| Originally posted by : deepak rathore | ||
 |
yeah its on whole amount, but As per section 194A,Interest paid to bank not liable for tds deduction |
 |
Mihir
(Wealth Manager)
(5293 Points)
Replied 02 March 2013
Bank is not included. Can't deduct TDS while paying interest.
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