194a
This query is : Resolved
02 February 2016
Sir
Can anyone Please confirm whether there are any circulars dispensing the requirement of deduction of TDS to NBFC like Sundaram Finance
Jaya
Can anyone Please confirm whether there are any circulars dispensing the requirement of deduction of TDS to NBFC like Sundaram Finance
Jaya
Ganeshbabu K
(Expert)
02 February 2016
TDS 194A not applicable where the payer is a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution, referred to in section 51 of that Act) as it is specifically mentioned in Section 194A(3)(i)(a)
.
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Payment to NBFC not exempted hence deduction of TDS mandatory
.
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Payment to NBFC not exempted hence deduction of TDS mandatory
Message likes :
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02 February 2016
Act is clear , but i heard that CBDT has came out with an instruction as to exemption , iam not sure .This was in late 1980's
Ganeshbabu K
(Expert)
02 February 2016
no such instructions and TDS applicable on payment of interest to NBFC
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