TDS on Interest
This query is : Resolved
21 January 2008
I take loan from NRI Rs.1000000/- In that I paid interest Rs.120000/- for year. In that I deduct TDS or Not? incase tds deduct please tell section in act? and howmuch percentage we deduct TDS if compulsary.
CA. Vineet Grover
(Expert)
21 January 2008
Hi Madan,
TDS on interest shall be applied u/s 195 as the assessee is an NRI. If the assessee hadnt been an NRI, TDS wld have been levied u/s 194A. The tax rate shall be 30.9 (if total payment does not exceeds 10 lacs)or 33.99 (if total payment exceeds 10 lacs)
Rgds/
Vineet
TDS on interest shall be applied u/s 195 as the assessee is an NRI. If the assessee hadnt been an NRI, TDS wld have been levied u/s 194A. The tax rate shall be 30.9 (if total payment does not exceeds 10 lacs)or 33.99 (if total payment exceeds 10 lacs)
Rgds/
Vineet
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