Tds on interest other than int.on securities for pvt.ltd.co.

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Tejas (Querist)
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19 December 2009 I just want to confirm......... what is the rate of tds on income by way of interest other than" interest on securities " for a domestic pvt. ltd. co. ??

As per different views available on this site and also tds chart related share files on this site it is 20 % but in

finance act 2009 - first schedule - part II mentions ..... ....

2. In the case of a company—
(a) where the company is a domestic company—

(i) on income by way of interest other than “Interest on securities” ----- 10%

winning lotteries etc. --- 30 %

winning horse races ----- 30 %

Any other income ------- 10 %

please clarify ...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 December 2009 Interest other than securities means interest earned non banking activities like fixed deposit interests and bank interest

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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19 December 2009 agree with expert,10%
Aggregate amount of interest credited/paid doesn't exceeds rs.5,000 during a f/y and rs.10,000 wheras the payer is a banking company or a co-operative society engaged in carrying on the business of banking or post-office in respect of notified schemes

Tejas

Tejas (Querist)
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19 December 2009 thank u sir ... so payment of interest on loan to a domestic company .. tax to be deducted at the rate of 10 % .... no sc no cess .

Tejas

Tejas (Querist)
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19 December 2009 ????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 December 2009 yes

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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21 December 2009 Dear Tejas,

if individual is paying interst to co then it is 20%
if ind is paying interst to ind/huf then it is 10%
and from 1.10.09 there is no cess.

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