14 July 2009
I am auditing a individual firm. During the year firm has paid RS 13500/- as late interest to a creditor viz. Crompton and Greaves. Is it necessory to deduct the TDS?
15 July 2009
In my opinion the interest paid by the firm is in the form of penalty invoked by the creditor for late payment and thus doesn't attract the provisions of Sec 194A.
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