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TDS on interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 July 2011 I have taken a Term Loan of Rs. 65 lakh from a nationalized bank.

annual interest payment to bank is around Rs. 7 lakhs.

Whether I have to deduct TDS on interest payment to banks.
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
04 July 2011 No TDS is payable on interest payment to banks.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
04 July 2011 Banks and Financial Institutions are not covered by the provisions of Section 194A and therefore No TDS is required to be deducted by you on the term Loan as taken for your business or for whatever purpose.
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
04 July 2011 TDS is not required to be deducted on interest on loan from bank under section 194A
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