Tds
This query is : Resolved
27 April 2014
Assessee purchased and got his new car financed from BMW Financial Services. Will Interest on Loan be liable to TDS? As BMW Financial services is not a financial institution. Please advise.
27 April 2014
Yes TDS to be deducted u/s 194A @ 10%.
Nikhil Kaushik
(Expert)
27 April 2014
please note that 194A shall apply only if he is covered under tax audit under 44AB.
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27 April 2014
Other than individual and Others TDS to be deducted u/s 194A @ 10% if threshold limit of Rs 5000/- is crossed irrespective of Tax Audit applicability.
In case payer is Individual/HUF TDS is to be deducted only if the assessee was covered under Tax Audit during the preceding previous year.
In case payer is Individual/HUF TDS is to be deducted only if the assessee was covered under Tax Audit during the preceding previous year.
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