Ketan Shah (Accountancy) (54 Points)
06 May 2013
Sonam Bidasaria
(CA)
(770 Points)
Replied 11 May 2013
Mr. Ketan plz clear....whether are u are talking about non-deduction of TDS on repayment of loan or non-deduction of TDS on interest on loan paid by ur relative (though u have not mentioned anywhere in ur question about the interest)........
But, it is necessary to ask this.
In the former case, Mr. Rahul is correct. TDS is not deducted on repayment of loan.
However, if you have intended to ask about TDS on interest on loan, then there arises two situations:
Suppose, your relative has paid u the interest in the previous year 2012-13, then
If for the Asst Year 2012-13 (P. Y 2011-13), ur relative gross reciepts esceeds the monetary limit specified for tax audit, then only he was supposed to deduct TDS in the previous year 2012-13.
Otherwise, ur relative is not liable to deduct TDS under Sec 194A.
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