Tds on interest
This query is : Resolved
Guest
Guest
(Querist)
06 August 2011
In case of Contract with Government , weekly installment for contract is paid to government . but if there is delay in payment of weekly installment interest is levied for late payment. is tds to be deducted on such interest for late payment of weekly installment??
06 August 2011
There are 2 sides of a coin. First you have to analyse have you given loan. The answer is No so u/s 194A it is not falling. Then what it is a part of contract and to be included in the contract the TDS shall be applicable but it is better to apply 194A
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