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Tds

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(Querist)
22 January 2015 why threre is no tds on interest paid to bank ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 January 2015 Interest on loan is covered to TDS u/s 194A of the Income tax Act. However, as per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction.
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