Tds - deduction
This query is : Resolved
29 April 2014
Dear experts
Please guide me we have paid EMI to Financial instution after deducting TDS for Interest portion But When precloser of our loan TDS is to be deduct for Preclosure charges? Please advise me
Advance Thanks for your valuable reply.
Please guide me we have paid EMI to Financial instution after deducting TDS for Interest portion But When precloser of our loan TDS is to be deduct for Preclosure charges? Please advise me
Advance Thanks for your valuable reply.
29 April 2014
no as tds is only deducted on int portion.
29 April 2014
well yes as such TDS is applicable on pre-closure charges when paid to non-banking financial institutions.
29 April 2014
well nikhil suresh have specifically asked abt financial instituition.
29 April 2014
Well Tushar, what did I say...and assuming that I have to include banks, then Interest /closure charges wont attract TDS anyways. Only in case of non-banking financial institutions TDS would apply.
Given that the querist is deducting TDS on EMI, it is safe to assume it is a non-banking financial institution. Accordingly, TDS shall also apply on closure charges.
Given that the querist is deducting TDS on EMI, it is safe to assume it is a non-banking financial institution. Accordingly, TDS shall also apply on closure charges.
29 April 2014
pls read the first line when query starts
"we have paid EMI toFinancial Institution..."then?
"we have paid EMI toFinancial Institution..."then?
29 April 2014
please read "after deducting TDS"
29 April 2014
further if were to assume that it is a bank, then your first reply is wrong. so pick your sides. My answer is simple. TDS is applicable on closure charges to non-banking financial institutions (which appears to be the case here).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
