Tds on interest
P.Mishra (Accountant) (155 Points)
17 August 2013
Sachin Rajput
(account exe)
(593 Points)
Replied 17 August 2013
NAGASAI.K
(Article Assistant)
(193 Points)
Replied 17 August 2013
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
P.Mishra
(Accountant)
(155 Points)
Replied 28 August 2013
Madhu Hegde
(article assist)
(62 Points)
Replied 28 August 2013
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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