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TDS

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This query is : Resolved

Hitesh Chauhan (Querist)

02 May 2009 Ours is a Partnership firm. We have taken vehicle Loan/Finance from Sundaram Finance Ltd. We have already paid the whole amount of insalment. Is is Liable for TDS ? If Yes Then what is the procedure to get refund of already paid whole interest ?

Vishal

Vishal (Expert)

03 May 2009 It is not liable for TDS if the aggregate amount of interest credited or paid (or likely to be credited or paid) during the financial year does not exceed Rs. 5,000

Otherwise U have the following options
1. Ask for refund of interest already paid and deposit TDS- might not be possible
2. Deposit TDS from your own fund- extra expense amounting to TDS
3. Face disallownace of the whole interest paid under income tax act- pay extra tax
4. Compare 2 and 3 and select the best option

ca praveen kumar

ca praveen kumar (Expert)

05 May 2009 usualy these people have TDS exemption certificate U/S. 197. Discuss with the concerned prerson and get the same for your records and close the issue.

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