I am a Proprietorship firm liable for Tax Audit U/s44AB.My firm took an Unsecured loan of Rs.10 Lakhs on 01.04.2014 from an Indivudual Raj Verma.
I have neither filed any TDS return till today nor have i recognised it in my books of accounts.
I wish to pay interest on 31.3.2015 @ 6% P.a amounting to Rs.60,000. When will my TDS liability arise ?
Also...
Can i file TDS return of annual nature without any fine ? What are the applicable rules in my case ?