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Tds

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(Querist)
11 July 2013 WHETHER A TAX-AUDITABLE INDIVIDUAL IS REQUIRED TO MAKE TDS ON INTEREST PAID BY HIM (BY WAY OF EMI'S)TO AN NBFC TOWARDS REPAYMENT OF LOAN TAKEN ?
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Anil Sankar V

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Anil Sankar V (Expert)
12 July 2013 not required
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
24 August 2013 Yes he is liable to deduct TDS of NBFC as it is a company and not specified banking company. Non deduction shall attract penalty, Interest as well as prosecution u/s 276B as your turnover is above tax audit limit.
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