Please Help: 30% disallowed interest for tds not deducted from un secured loan partnership firm
Posted Date : 15-Jan-2023 , 03:38:16 pm | Posted By: Kollipara Sundaraiah
Category :
Income Tax | Answers :
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Comments :
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sec 44ab audited a partnership firm un secured loan from Mr.A rs:10 lacs .but interest pay on loan amount tds not duducted.Doubt: 30 % disallowed on interest amount in it act. |
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| Posted By : Ashish |
20-Jan-2023, 10:37:53 |
| Dear Kollipara Ji
According to Income tax act, If Tds required to be deducted not deducted or if deducted not paid then 30 % of the Expense will not be allowed as expense while calculating PGBP Income.
So Accordingly 30% of the Interest amount will be disallowed due to non deduction of TDS |
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| Posted By : Ashish |
20-Jan-2023, 10:37:52 |
| Dear Kollipara Ji
According to Income tax act, If Tds required to be deducted not deducted or if deducted not paid then 30 % of the Expense will not be allowed as expense while calculating PGBP Income.
So Accordingly 30% of the Interest amount will be disallowed due to non deduction of TDS |
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| Posted By : Ashish |
20-Jan-2023, 10:37:51 |
| Dear Kollipara Ji
According to Income tax act, If Tds required to be deducted not deducted or if deducted not paid then 30 % of the Expense will not be allowed as expense while calculating PGBP Income.
So Accordingly 30% of the Interest amount will be disallowed due to non deduction of TDS |
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