Tds on interest other than int.on securities for pvt.ltd.co.
This query is : Resolved
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 ...
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
(Expert)
19 December 2009
Interest other than securities means interest earned non banking activities like fixed deposit interests and bank interest
Murtaza I Bhagat
(Expert)
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
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
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 .
CMA Ramesh Krishnan
(Expert)
20 December 2009
yes
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.
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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