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sir, interest paid to bank is subject to TDS deduction or n

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(Querist)
23 March 2011 sir
can u give me reference of circular no.

city financial is covered under banking regulation act or not
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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.
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CA. Lohith Jagadeesh

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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
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CA.ViVeK M ACA

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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....
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