If individual is Paying Interest on Loan Taken, is he Required for TDS ??
The answer will be same for individual who is proprietor of Buisiness whose account is Audited??
1 Replies
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 08 June 2010
First , for those individuals who are carrying on Business or Profession, the concept of TDS LIABILITY will arise.
For others individuals, TDS topic is irrelevant.
So, if that proprietor has Turnover of Rs.40 lacs in case of business in the preceeding financial year, then he is obliged to deduct TDS subject to the Qualifying amount and others.
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