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TDS on Financial institutions and Pvt Banks

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(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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 December 2020 Financial institutions TDS applicable. Private scheduled banks TDS not applicable.
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