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Tds on interest
I have taken personal loan 1/4/11 from proprietor firm and I have paid full loan in 31/12/12. and I have paid interest on loan approx Rs. 300000 than I deduct tds or not on interest? plz help
Replies (5)
u taken personal loan as u r individual so no need to deduct tds.
Individuals and HUF does not come under sec 194A -TDS on interest other than interest on securities
so you should not deduct tds while payment of interest to the proprietor firm
thanks Sachin Rajput & Nagasai .K
When I'll file my IT return than can I less personal loan interest in my other head income?
Suppose my business income500000
Bank interest income 30000
Interest paid on personal loan 200000
What's my taxable income?
You should not deduct the said intrest from your income because it is a personal loan,but if you taken that loan as house loan than you can deduct Rs.30,000/- or 1,50,000/- as the case may be under sec-24(b) of the IT act 1961 under the Income head of House property.
Now your GTI is 5,00,000+30,000=5,30,000
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