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Tds on interest

This query is : Resolved 
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(Querist)
02 February 2015 URGENT:

ONE COMPANY HAS TAKEN UNSECURED LOAN FROM INDIAN NBFC IN 2013. COMPANY IS PAYING INTEREST ON MONTHLY BASIS WHICH IS INCLUDED IN MONTHLY EMI. HOWEVER COMPANY IS DEDCUTING TDS U/S194 ON 31ST MARCH ON THE TOTAL AMOUNT OF INTEREST FOR THE WHOLE FINANCIAL YEAR. WHETHER THE POLICY OF THE COMPANY IS CORRECT? IF NOT, WHAT ARE THE CONSEQUENCES? KINDLY RESOLVE IT URGENTLY.
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CA NAVEEN SINGLA

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CA NAVEEN SINGLA (Expert)
02 February 2015 As per the Law the Company must Deduct & Deposit TDS on Monthly Basis instead of Annual Basis. In the Present Case Interest @1.5% is chargeable along with TDS Amount.
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Rupesh Jain

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Rupesh Jain (Expert)
02 February 2015 tds will be deducted monthly otherwise you have to pay the intt. @ 1.5% for non deposit the tds.
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