Tds deduction on interest paid

This query is : Resolved

Yajuvendra Rawat (Querist)
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24 April 2014 Dear Sirs & Friends,

Our company has bought a property on loan from a banking institution, Is it ok if i deduct TDS while making payment on its EMI, Only Interest will be considered for TDS deduction, Please let me know if it is wrong

Best Regards,
Yajuvendra Rawat

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 April 2014 no tds is to be deducted on emi paid to a bank.

CA Jitender Sharma

CA Jitender Sharma (Expert)
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25 April 2014 Dear RAWAT,
Mr. Nikhil is correct. Your case is covered u/s 194A.
section 194A excludes banking company.

hence you need not to deduct TDS

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Yajuvendra Rawat

Yajuvendra Rawat (Querist)
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28 April 2014 Thanks for your valuable suggestion