T d s

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Sandeep Kumar (Querist)
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23 September 2013 sir
our company purchased a car in the month of april 2013 and financed it from a finance company. now my question is that we are liable to deduct T.D.S. or not on interest which is paying by our company.

CA Parul Saxena

CA Parul Saxena (Expert)
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23 September 2013 yes tds is to be deducted.....

Sandeep Kumar

Sandeep Kumar (Querist)
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23 September 2013 dear sir /madam
my other query related the same , we are also paying intt. to bank on cc limit , that's the similar way we have to deduct the TDS on the intt. paying to bank. please suggest me the suitable answar

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 September 2013 Dear Manav,

The TDS in the said case has to be deducted unless the payee is covered under 194A(3)(iii)(b)

CA Parul Saxena

CA Parul Saxena (Expert)
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23 September 2013 TDS is not to be deducted on interest paid to bank

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 September 2013 Dear Manav,

Payments to bank are exempted under 194A(3)(iii)(a)

Ganeshbabu K

Ganeshbabu K (Expert)
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23 September 2013 tds on interest paid to NBFC is liable to deducted
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.generally as emi does not deduct tds,,
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just pay tds from your pocket and file tds return,,and for the amount paid on behalf of nbfc debit their account,,
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after filing tds return submit form 16a to nbfc and claim for this tds amount they wil release payment
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but before confirm with them that they have any nildeduction or lower deduction certificate from assessing officer under section 197

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