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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 : 0| Comments : 3| Hits: 397

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.

Comments
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
 
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
 
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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