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Tds deduction is applicable

This query is : Resolved 
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(Querist)
05 September 2014 I hv borrowed a loan from NBFC of Rs. 3.00 cr. for 07 years. But I hv paid it within 1 year. For that I paid Loan Foreclosure charges of Rs. 15,60,000/- in a Pvt. Ltd. Company.

So, my query is whether TDS is applicable / attract on Loan Foreclosure Charges?

Pls do the needful at the earliest.

Awaiting for positive reply.

With Regards,


Savan Kasliwal
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 September 2014 No. TDS not applicable. Its in the nature of penalty therefore TDS not required to be deducted.
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