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TDS ON UNSECURED LOAN

04 June 2018

sir i have taken unsecured loan in feb 2018 and also taken loan in march 2018 from same party.I calculate interest both loans . in that case if i consider first loan then in f.y. 2017-18 interest amount doesnot exceeds of rs 5000 but if i take both loans then the interest amount exceeds of rs 5000 in f.y. 2017-18. so for deducting TDS will i consider both loans as in that case interest amount exceeds of rs 5000. sir please clear me....

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6 Replies

CA Mayur Todmal (Practicing CA) (7756 Points)
Replied 04 June 2018

you have to consider payment to a person ( pan based) in a FY irrespective of how many time loan has been taken

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Rajkiran Ghosh (480 Points)
Replied 04 June 2018

the pan number of the person of two loans are same

A B Kundu (Professional) (1422 Points)
Replied 04 June 2018

Your query had already been resolved yesterday, again you are putting same thing in different way....what's the problem?

Rajkiran Ghosh (480 Points)
Replied 04 June 2018

sir yesterday the query was different plz check what will be consider in that case. will i take two loans for tds deduction plz reply sir

A B Kundu (Professional) (1422 Points)
Replied 04 June 2018

Answer would be remain unchanged. If payee is same you have to sum up all interest amounts paid to him and have to see whether it's crossing Rs.5K. If yes then deduct TDS.