Tax Deducted from Interest paid on loan
This query is : Resolved
Vinod Sawant-Bhosale
(Querist)
10 June 2011
Sir,
My client is partner in Firm, he purchase car on loan from TATA Capital Ltd. car shown in Firm payment made from firm.
My query is this interest amount attract TDS ? if yes can I show interest as expense in firms account? Loan in the name of partner it is possible to deduct TDS in firm?
My client is partner in Firm, he purchase car on loan from TATA Capital Ltd. car shown in Firm payment made from firm.
My query is this interest amount attract TDS ? if yes can I show interest as expense in firms account? Loan in the name of partner it is possible to deduct TDS in firm?
s v rajesh
(Expert)
10 June 2011
Hi,
TDS on Interest paid to banks for any service is excluded from income tax (TDS) provisions.
TDS on Interest paid to banks for any service is excluded from income tax (TDS) provisions.
10 June 2011
Tata Capital Ltd is not a bank.
Amit Bohra
(Expert)
12 June 2011
Mr. K.K. Daruka, you are rignt Tata Capital is not a bank, but it's a private financing company, Now if firm/company pays interst on vehicle loan or housing loan then will TDS applicable on interest part ?.
12 June 2011
Mr Amit Bohra. Private financing companies are not exempted from TDS. Even if you are paying EMI you have to pay TDS seperately on the interest part of EMI and claim it back from the company. I know about many private finance companies including Tata Capital who are regularly paying back the TDS amount on production of Form 16A.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Rent agreement of House of deceased person
- Closer of business and itc of capital goods
- RCM and same line
- Gift to nri relatives resides in usa
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- ARCA LOGIN
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
