TDS on Financial institutions and Pvt Banks
This query is : Resolved
Ch.Naga Srinivasa Rao
(Querist)
05 December 2020
Hi,
We have taken loans from Pvt banks for purchase of machinery and vehicles. Whether we have to deduct TDS on Interest paid to Pvt Banks or Financial Institutions. TDS is applicable for only Banks or other pvt financial institutions. Please clarify the same.
We have taken loans from Pvt banks for purchase of machinery and vehicles. Whether we have to deduct TDS on Interest paid to Pvt Banks or Financial Institutions. TDS is applicable for only Banks or other pvt financial institutions. Please clarify the same.
CA R SEETHARAMAN
(Expert)
05 December 2020
Financial institutions TDS applicable. Private scheduled banks TDS not applicable.
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