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Tds

This query is : Resolved 
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(Querist)
20 April 2018 Hello,
Please suggest me that tds will dedute or not on Interest on term loan from Axis Bank. I am waiting your best suggestion.
Thank you
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 April 2018 Interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 April 2018 No need to deduct income tax because the payee is governed by Banking
Regulation Act,1949 to whom exemption is given in section 194A(3)(iii)(a)
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