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Interest on auto loan- tds ?

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(Querist)
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.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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.
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
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
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Sunil Kumar Gaur

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Sunil Kumar Gaur (Querist)
02 February 2012 Sounds logical.Thanks
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