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tds on interest

This query is : Resolved 
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(Querist)
03 August 2010 Payment of interest to bank on overdraft facilities is tds need to be deducted
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
03 August 2010 No..

No TDS is required on Interest payment to Bank.
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CA. Pradeep Nayak

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CA. Pradeep Nayak (Expert)
03 August 2010 TDS not applicable on interest payment to banks.
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VINOD ARORA

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VINOD ARORA (Expert)
03 August 2010 As per S. 194A, TDS is not deductible on interest payments to banking companies registered under Banking Regu Act
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
03 August 2010 AGREED, NO TDS ON INTEREST ON CC LIMIT/OVERDRAFT LIMIT / TERM LOAN BY BANKING COMPANIES REGSITERED UNDER BANKING REGUL ACT.
IF YOU ARE PAYING INTEREST ON TERM LOAN TO NBFC THEN TDS WILL BE DEDUCTED.
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