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TDS

This query is : Resolved 
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(Querist)
13 July 2009 Whether TDS is to be deducted on interest payments on loans paid to banks and other financial institutions (like Cholamandalam DBS financial services)???
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Ratan Sharma

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Ratan Sharma (Expert)
13 July 2009 No interest is to be deducted while payment of interest to bank or financial institutions.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
13 July 2009 But NBFC's are not excluded.
So, interest needs to be deducted on interest payment to NBFC.
In my opinion, CDBS Fin.Ser is a NBFC.
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