sir, interest paid to bank is subject to TDS deduction or n
This query is : Resolved
23 March 2011
sir
can u give me reference of circular no.
city financial is covered under banking regulation act or not
can u give me reference of circular no.
city financial is covered under banking regulation act or not
23 March 2011
Interest on loan is covered to TDS u/s 194A of the Income tax Act. However, as per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction.
CA. Lohith Jagadeesh
(Expert)
24 March 2011
Hi,
Agreed with the Expert
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Agreed with the Expert
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
CA.ViVeK M ACA
(Expert)
26 March 2011
You cannot deduct TDS on any loan transaction by the bank to whom Banking regulation ACt applies..
Interest transactions were subject to tax unless it is specifically exempted and this kind of transaction were specifically exempted Group....
Interest transactions were subject to tax unless it is specifically exempted and this kind of transaction were specifically exempted Group....
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