Tds - interst portion on car finance
This query is : Resolved
18 December 2012
Dear Distingwished Experts,
Please enlight my knowledge about the followings:
1. Our coperate House has financed a car from Kotak Mahindra Bank (Kotak Mahindra Prime Ltd).
We want to know, wheather the interst portion paid in each installment; is liable to TDS under Income Tax Act? If yeas @ what rate? If no then under which provisons , this TDS liability is exempted?
Do help me out.
Thanks & Regards
Siddharth
Please enlight my knowledge about the followings:
1. Our coperate House has financed a car from Kotak Mahindra Bank (Kotak Mahindra Prime Ltd).
We want to know, wheather the interst portion paid in each installment; is liable to TDS under Income Tax Act? If yeas @ what rate? If no then under which provisons , this TDS liability is exempted?
Do help me out.
Thanks & Regards
Siddharth
19 December 2012
No.As per Sec. 194 A of income tax act, 1961 No Liability to deduct the TDS on Payment of interest to any Banking company engage in the Banking Business, Public financial Institute, LIC, insurance company, or notified institution.
19 December 2012
under section 194A - 10%.
19 December 2012
But my dear no TDS liability in Siddharth`s case
19 December 2012
I thought the lender is Kotak Mahindra Prime Ltd.
30 May 2013
Thanks Mr.Vasu, Of course it is Kotak Mahindra Prime Ltd.
Regards
Regards
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