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Tds deduction on interest paid

This query is : Resolved 
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(Querist)
24 April 2014 Dear Sirs & Friends,

Our company has bought a property on loan from a banking institution, Is it ok if i deduct TDS while making payment on its EMI, Only Interest will be considered for TDS deduction, Please let me know if it is wrong

Best Regards,
Yajuvendra Rawat
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 April 2014 no tds is to be deducted on emi paid to a bank.
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CA Jitender Sharma

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CA Jitender Sharma (Expert)
25 April 2014 Dear RAWAT,
Mr. Nikhil is correct. Your case is covered u/s 194A.
section 194A excludes banking company.

hence you need not to deduct TDS
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Yajuvendra Rawat

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Yajuvendra Rawat (Querist)
28 April 2014 Thanks for your valuable suggestion
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