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Q. > Please Help: TDS
A assessee which is a co-operative bank which net worth is negative & are in liquidation. Assessee is not in a positon to pay even principal amount. It has claimed interest expenditure without deducted TDS on interest. Depositors are not members. TDS sectonn have also issued demand notice of TDS. Three years have gone in liquidation process. My question is that whether TDS was deductible.
2 Answers
answered Apr 01, 2014 by SUBHASH KUMAR JHA , Darbhanga
If interest amount was more than 10,000 then according to section 194A tax must be deducted @ 10% . U have not deducted your liability arise here.
answered May 10, 2014 by CA Satuti Mahajan , batala
yes
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