Loan taken on Car
This query is : Resolved
25 February 2008
Sir,
I am working in a Pvt co. & our co has borrowed loan from Kotak Mahindra agnst 2 car (Mercedes Benz) for 3 years. In this regards pls specify me loan a/c head in a/c book & tds is applicable on int paying to KMPL
Regards,
Anjan S Mehta
I am working in a Pvt co. & our co has borrowed loan from Kotak Mahindra agnst 2 car (Mercedes Benz) for 3 years. In this regards pls specify me loan a/c head in a/c book & tds is applicable on int paying to KMPL
Regards,
Anjan S Mehta
25 February 2008
LOAN ACCOUNT UNDER THE HEAD SECURED LOAN AND TDS IS APPLICABLE ON INTEREST YOU ARE PAYING.
25 February 2008
no tds on interest .interest paid to banks and financial istitutions are exempted
you will open a secured loan agaist car
loan a/c
you will open a secured loan agaist car
loan a/c
25 February 2008
SINCE KOTAK MAHINDRA YOU HAVE MENTIONED IS NOT A BANK AND IT IS NBFC THEREFORE LIABLE TO DEDUCT TDS
25 February 2008
TDS is applicable if the lender is NBFC.
05 March 2008
LOAN HEAD IS SECURED LOAN ( LOAN SECURED BY THE ASSET OF THE COMPANY).FORM 8 NEEDS TO BE FILED IN ROC AS THIS IS A CREATION OF CHARGE AGAINST COMPANY'S FIXED ASSETS.
TDS NEEDS TO BE DEDUCTED IN VIEW OF KOTAK BEING AN NBFC .TDS DEPOSIT TO BE MADE AFTER RECOVERY OF TDS AND RETURN ALSO NEEDS TO BE FILEDAND TDS CERT. ALSO NEEDS TO BE ISSUED.
R.V.RAO
TDS NEEDS TO BE DEDUCTED IN VIEW OF KOTAK BEING AN NBFC .TDS DEPOSIT TO BE MADE AFTER RECOVERY OF TDS AND RETURN ALSO NEEDS TO BE FILEDAND TDS CERT. ALSO NEEDS TO BE ISSUED.
R.V.RAO
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- Banking Related Issue
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- IT returns for fresh job holders
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
