TDS Applicability for Payment of Interest on NCD

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Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2010 Non Convertible debentures are issued by SEBI registered Mutual Funds. Whether on Payment of Interest on NCD, TDS is deductible ? Any provisions in IT Act or any circular to this effect.

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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21 June 2010 As per Section 193 TDS will be applicable except where CG with the notification had exempted.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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21 June 2010 How can debenture be issued by a mutual fund ?

All Mutual Funds/Asset Management Company are registered with SEBI. What is the significance of saying SEBI registered mutual fund ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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21 June 2010 TDS not to be deducted if any interest payable on any security issued by a company, where such security is in dematerialised form and is listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the rules made thereunder.

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