Tds on interest paid to hdfc bank for vehicle loand
This query is : Resolved
03 June 2016
One of my client were took Vehicle Loan from HDFC Bank Ltd. and he paid interest with principle amount as EMI base. is, he liable to pay TDS on Interest u/s 194A? for f.y. 2016-17.
Jaymin Sabhaya
(Expert)
03 June 2016
Dear Sir,
As per section 194A(3)(iii) of the income tax Act, 1961 Interest paid to Banking company to which banking regulation Act, 1949 applies is not subject to tax deduction at source. therefore any interest on vehicle loan obtained from Bank are not subject to TDS.
As per section 194A(3)(iii) of the income tax Act, 1961 Interest paid to Banking company to which banking regulation Act, 1949 applies is not subject to tax deduction at source. therefore any interest on vehicle loan obtained from Bank are not subject to TDS.
CA Rohit Jain
(Expert)
03 June 2016
no need to deduct TDS on the same
CMA Ramesh Krishnan
(Expert)
05 June 2016
Interest to banks will not attract TDS
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