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TDS ON EMI TO BANKS

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(Querist)
17 November 2023 Dear Sirs - please let me know - (1) Is TDS is deductible on interest part , if loan is taken from financial institutions and paid on EMI basis for car, term loan for machinery.... (2) Similarly Is TDS is deductible on interest part , if loan is taken from *Government / Private Banks* and paid on EMI basis for car, term loan for machinery... Kind Regards
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Manish

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Manish (Expert)
17 November 2023 No, TDS does apply if the payee is a bank.
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RAJA P M

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RAJA P M (Expert)
17 November 2023 No, TDS not applicable.
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