IS TDS REQIORES TO BE DEDUCTED ON INTEREST PAID SBI FACTORS

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Sankar Paranam (Querist)
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28 July 2010 IS TDS requires TO BE DEDUCTED ON INTEREST PAID TO SBI FACTORS SERVICES PVT LTD, WHICH IS SUBSIDARY OF SBI ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 Yes. TDS is required to be deducted since it is not A banking company to which the Banking Regulation Act 1949 applies.

VINOD ARORA

VINOD ARORA (Expert)
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03 August 2010 As per S. 194 A of the Income Tax Act, there are few exceptions where TDS is not required to be deducted, like in the cases of interest payments to any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank),..etc. However, the given case does not seem to be falling in any of those exceptions, so TDS has to be deducted.

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