TDS on interest payment on loan.
Subhajit Samanta (TAX CONSULTANT) (3 Points)
09 September 2019
Can I deduct TDS on interest payment on loan and under which section?
4 Replies
Entertainment Always Allowed
(2 Points)
Replied 09 September 2019
yes u can deduct tds on interest in 194a section.
Kapadia Pravin
(17264 Points)
Replied 09 September 2019
@ Subhajit
Pl specify your status under ITax viz Individual, or HUF or Firm etc.
if you are an individual and not carrying business, No TDS is required to be deducted
if you are individual and carrying business ( not under 44AB audit) - No TDS requirement.
Otherwise TDS @ 10% of interest amount you have to deduct under 194A.
I hope you are holding TAN number.
Pl specify your status under ITax viz Individual, or HUF or Firm etc.
if you are an individual and not carrying business, No TDS is required to be deducted
if you are individual and carrying business ( not under 44AB audit) - No TDS requirement.
Otherwise TDS @ 10% of interest amount you have to deduct under 194A.
I hope you are holding TAN number.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 09 September 2019
1. TDS u/s 194A can be deducted on interest payment on the loan obtained other than from banks.
2. Where the amount of interest exceeds Rs. 5,000 during the year then TDS @ 10% need to be deducted.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17264 Points)
Replied 10 September 2019
@ Subhajit @ Suresh ji
Pl specify your status under ITax viz Individual, or HUF or Firm etc.
if you are an individual and not carrying business, No TDS is required to be deducted
if you are individual and carrying business ( not under 44AB audit) - No TDS requirement.
Otherwise TDS @ 10% of interest amount you have to deduct under 194A.
I hope you are holding TAN number.
Pl specify your status under ITax viz Individual, or HUF or Firm etc.
if you are an individual and not carrying business, No TDS is required to be deducted
if you are individual and carrying business ( not under 44AB audit) - No TDS requirement.
Otherwise TDS @ 10% of interest amount you have to deduct under 194A.
I hope you are holding TAN number.
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