please advise can i deduct TDS on unsecured Loan taken from banks or financial institution ? can i also deduct TDS on processing fees for tha same? please advise (punit.parmar @ ymail.com)
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Tds on interest on unsecured loan taken from banks ?
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Applicability of TDS provisions is not subject to whether loan is secured or unsecured. Any interest paid to Banks and Public financial institutions is not subject to deduction of Tax. But if interest is paid to NBFCs, other FIs the TDS will have to be deducted.
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