Tds on interest

473 views 3 replies
User Avatar

CA student
175 Points Joined December 2007

Hello

Construction company invited Application deposit on booking of flats , later on company cant complete project with in due time company decided to refund deposit with interest.

Question is 

1. Expenses on interest is allowed U/s 37 

2. TDS U/s 194A applicable 

Thanks and regards

 

 

Reply Share Follow
On 02 January 2012 at 16:16 Report
Replies (3)
User Avatar

MANAGER (FINANCE & ACCOUNTS)
11768 Points Joined June 2008

YES, TDS SHALL BE DEDUCTED UNDER SECTION 194A AND SUCH INTEREST WILL BE ALLOWED AS BUSINESS EXPENSES.

Reply
On 02 January 2012 at 16:31
User Avatar

CA student
175 Points Joined December 2007

Thanks Navin 

one more qurey

Minimum amount is Rs 5000 for not dedution of TDS 

 

Reply
On 02 January 2012 at 17:27
User Avatar

MANAGER (FINANCE & ACCOUNTS)
11768 Points Joined June 2008
Yes, Minimum amount is Rs. 5000
Reply
On 02 January 2012 at 17:30


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading