Loan taken on Car
This query is : Resolved
Anjan S. Mehta
(Querist)
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.
CA Hemant T Dewani
(Expert)
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
S.Srinivasaraghavan
(Expert)
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
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