TDS on Interest paid to debtors
This query is : Resolved
10 July 2009
whether interest payable for advances received from debtor who is a PSU being a Govt.Co. is liable to deduction of Tax at Source.If not,whether the said payment is allowable as business expenditure.
10 July 2009
Any amount in the form of interest except to gover. or any its undertaling etc trs r require to be deducted and therefore in give case no tds is require to be deducted
10 July 2009
No nitin, even govt payee also covered.....
as per 194A payee is any resident of india. so PSU also covers....so you hav to deduct TDS
as per 194A payee is any resident of india. so PSU also covers....so you hav to deduct TDS
10 July 2009
I do not agree with both the above opinions expressed by the experts. Section 194A(3)(iii)(f) provides as in this regards that the Interest credited or paid to such institutions association or body corporate which the central govt. may for the reason to be recorded in writing notify be exempt from TDS. The Notified institution for this purpose are notified by various notifications issued by CBDT. For the list of such institution please see the page no 3.202 of taxmann master Guide to Income tax 18th Addition / 2008.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Salary and pension received from Asian Development Bank
- ITR 2 Short Term gain & Long term gain
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
