DEAR FREINDS,
I WANT TO KNOW THAT IF ONE OF MY CLIENT HAS TWO SET OF BUSINESS :
1 ) CONTRACTOR BUSINESS AND
2) TRANSPORTATION BUSINESS.
HE IS NOT MAINTAINIG BOOKS OF ACCOUNT FOR TRANSPORTATION BUSINESS AND OFFER PROFIT ON PRESUMPTIVE BASIS OF60000/TRUCK/YEAR. AND IN OTHER BUSINESS HE IS COVERED UNDER AUDIT U/S 44AB.
WHETHER HE IS LIABLE TO DEDUCT TDS FROM INTEREST FOR FINANCE OF TRUCKS AS HE IS SHOWING INCOME UNDER SECTION 44AE ?
Hi , I am of the opinion that you need not to deduct the Tds while making payment of interest because , I thing that you must have taken finance from any banking company , and as per the provision of section 194A no tds to be deducted while making payment ot banking companies or co-operative societies engaged in banking bussiness and many more .
NO ITS A FINANCE COMPANY AND THE SAME IS NOT COVER BY EXCEMPTION.
Yes, there is no exemption. But since technically u are not maintaining any books of accounts for the trucking business, the question of TDS should not arise at all in any normal circumstances.
CAclubindia
