Tds on interest of truck loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2013
SIR,
CAN DEDUCTION OF TDS IS COMPULSARY ON INTEREST PAID TO A PRIVATE FINANCER SUCH AS CHOLAMANDALAM,HINDUJA,DHANLAXMI, GE CAPITAL ETC UNDER WHICH SECTION ? AND PERCENTAGE ?
CAN DEDUCTION OF TDS IS COMPULSARY ON INTEREST PAID TO A PRIVATE FINANCER SUCH AS CHOLAMANDALAM,HINDUJA,DHANLAXMI, GE CAPITAL ETC UNDER WHICH SECTION ? AND PERCENTAGE ?
Ganeshbabu K
(Expert)
31 October 2013
yes it is mandatory to deduct tds on payment of interest under section 194A @10%
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Nikhil Kaushik
(Expert)
31 October 2013
yes it is under section 194A at 10% since you are the payee you referring to is NBFC. However, in case the loan is financed from a bank, TDS wont apply.
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