Tds on interest paid to financial institutions
This query is : Resolved
Vijaychand Jain
(Querist)
17 April 2014
Dear All
We are having several vehicle /car loan accounts, as secured loan taken and paying monthly installment regularly. Should we deduct TDS (94A) on interest? Any reference/circular No.please?
Vijay Jain
We are having several vehicle /car loan accounts, as secured loan taken and paying monthly installment regularly. Should we deduct TDS (94A) on interest? Any reference/circular No.please?
Vijay Jain
Nikhil Kaushik
(Expert)
17 April 2014
yes. if you are an individual/HUF covered under tax audit or any other busines entity, you need to deduct tds under 194A.
Vijaychand Jain
(Querist)
17 April 2014
But in partnership firm covered under tax audit?
Nikhil Kaushik
(Expert)
17 April 2014
if you are a firm, you will have to deduct tax irrespective of tax audit application.
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