Can a finance company deduct tds on emi's

This query is : Resolved

Guest

Guest (Querist)

16 November 2012 One of my friend paying nearly 1,00,000 as EMI for car loan(hire purchase).now he got a mail saying that he can claim TDS.now MY DOUBT IS : CAN A FINANCE COMPANY DEDUCT TDS ON EMI'S.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 November 2012 First of all TDS is deducted by the person making the payment and NOT the recipient.

Since your friend has been PAYING EMI, TDS has not been deducted by the finance company.

Please check the mail again and the source of the mail. It may be a fraudulent mail.

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