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Sec 195 or sec 194a

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(Querist)
07 September 2012 A company obtained a loan from a NRI in Indian rupee by cheque and is paying interest for the same in Indian rupee & depositing in Indian Bank A/c of NRI. TDS is to be deducted under which section - 194A or 195? Also whether NRI would be eligible to claim TDS?
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CA Navin Jain

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CA Navin Jain (Expert)
07 September 2012 its depend on the PAN no. provided by him.
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
30 November 2012 First of all Indian Company can't take loan from NRI(if the money has been reptriated from outside India).

Also the TDS shall be @ 30.9% as per sec. 195 read with Finance Act.

Anuj
femaquery@gmail.com
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