TDS
This query is : Resolved
04 August 2020
sir
Is it compulsory to pay TDS on the interest of vehicle loan obtained from NBFC by an individual whether he is covered or not covered under tax audit?
If yes, Assume he has obtained the loan for 5 vehicles and paying dues with interest. While calculating the tds on interest, exemption of Rs.10,000/- p.a is applicable only for a single vehicle or totally on all of the vehicles .
thanks in adv
Is it compulsory to pay TDS on the interest of vehicle loan obtained from NBFC by an individual whether he is covered or not covered under tax audit?
If yes, Assume he has obtained the loan for 5 vehicles and paying dues with interest. While calculating the tds on interest, exemption of Rs.10,000/- p.a is applicable only for a single vehicle or totally on all of the vehicles .
thanks in adv
04 August 2020
No, TDS applicable only when turnover exceed 1 crore of tax audit cases.
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