Tds on interest
This query is : Resolved
11 July 2012
dear experts,
i have a doubt, whether TDS will be applicable on interest component for business loan received from private banks, ex. tata capital ltd/kotak mahindra/Religare...?
i have a doubt, whether TDS will be applicable on interest component for business loan received from private banks, ex. tata capital ltd/kotak mahindra/Religare...?
shakti soni
(Expert)
12 July 2012
Dear Pradeep,
As per sec 194A we need not deducted tds on interest if it is paid to Banking comapany, cooperative society engaged in banking business,FI,LIC,UTI or insurance company.
Now u have to see whether those companies from which ur company have taken a loan--falls in the above category, if they falls in the above category then need not deduct TDS(Ex: If ur company has taken a loan from kotak bank then no need to deduct tds)
I think your doubt is cleared
Rgds
Shakti Soni.
As per sec 194A we need not deducted tds on interest if it is paid to Banking comapany, cooperative society engaged in banking business,FI,LIC,UTI or insurance company.
Now u have to see whether those companies from which ur company have taken a loan--falls in the above category, if they falls in the above category then need not deduct TDS(Ex: If ur company has taken a loan from kotak bank then no need to deduct tds)
I think your doubt is cleared
Rgds
Shakti Soni.
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