Sec 194 a
This query is : Resolved
Divya Mol P
(Querist)
21 August 2015
Whether vehicle loan instalment paid to Toyoto Financial services is liable for TDS u/s 194A
Deepti Asawa
(Expert)
21 August 2015
Yes, TDS should deduct when interest paid to nbfc .
CMA MALHAR BEHERA
(Expert)
21 August 2015
Interest on loan is covered to TDS u/s 194A of the Income tax Act.
However, according to Sec.194A(3(iii),interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to deduction of tax.
However, according to Sec.194A(3(iii),interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to deduction of tax.
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