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Tds

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(Querist)
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.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
27 April 2014 Yes TDS to be deducted u/s 194A @ 10%.
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Nikhil Kaushik

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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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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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.
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