ALPESH KUMAR (SUPRITENDENT) (140 Points)
18 April 2012hi,
a person is carrying on business in individual capacity with different name , which is liable to audit and tds. Similary , he is also maintaiing personal books of account. Now, query is whether, interest paid on unsecured loan in his personal accounts is liablle to TDS or not.?? He is filing the return of income in personal capacity incoroporating business and personal accounts.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 19 April 2012
This is basically a case of Proprietorship Business.
Transfer of funds as USL will attract TDS if it is from prop firm to personal account.
Prateek
C.A. M.Com. Suhas A. Nagpure
(CA)
(1175 Points)
Replied 20 April 2012
TDS will be applicable..................
| Originally posted by : ALPESH KUMAR | ||
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hi, a person is carrying on business in individual capacity with different name , which is liable to audit and tds. Similary , he is also maintaiing personal books of account. Now, query is whether, interest paid on unsecured loan in his personal accounts is liablle to TDS or not.?? He is filing the return of income in personal capacity incoroporating business and personal accounts. |
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Yes, sir TDS will be deductible for Interest payments crossing throshold limits as prescrible u/s. 194A for the relaven AY under consideration
CAclubindia
