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TDS on interest on unsecured loans to partners, Income Tax |
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TDS on interest on unsecured loans to partners |
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There is a LLP firm which has taken unsecured loans from its partners and paid interest on the same. However it has not deducted TDS on the interest. Whether the firm is liable to deduct TDS on interest paid on unsecured loans taken from such partners? Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
Section 194A of Income tax Act contains provisions regarding TDS to be deducted on interest payable like interest on fixed deposit, interest on unsecured loan. LLP firm is also covered under this Section.
As per section 194A(3)(iv), no TDS to be deducted. Firm includes LLP as per seciton 2(23)
If the firm is paying interest to partners, then TDS is not required to be deducted as per Sec 194A. Firm includes LLP Page: 1 Old Query - New Comments are closed. |
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