Interest on auto loan- tds ?
This query is : Resolved
02 February 2012
The company has taken a car loan of Rs 12,00,000 and is paying EMI. Whether TDS should be deducted on interest compnent if yes then how ? EMI are being cleared through ECS.
02 February 2012
In case the loan has been taken from a bank, no need to deduct TDS.
.
However, loan taken from Finance companies or NBFC like cos., TDS is required to be deducted.
.
However, loan taken from Finance companies or NBFC like cos., TDS is required to be deducted.
02 February 2012
agree with the above expert.Deduct TDS from the EMI and submit the TDS certificate/FORM 16A to the company. Immediately inform to the company regarding the deduction of the tds at each EMI through letter. If your EMI through ECS by standard instruction you can edit the standard instruction otherwise do TDS and send TDS certificate/form 16A to the company any request the same has to be give credit into your loan account.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
02 February 2012
Sounds logical.Thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
