TDS on interest paid to NBFC U/s 194A
This query is : Resolved
22 July 2009
Can any one suggest me, whether interest paid to NBFC is liable to TDS.
During the year a firm was paid Rs 250000.00 as interst to TATA Finance Ltd .
whether Firm should deduct TDS on Rs 250000.00 U/s 194A
During the year a firm was paid Rs 250000.00 as interst to TATA Finance Ltd .
whether Firm should deduct TDS on Rs 250000.00 U/s 194A
CA. B.SRINIVASULU
(Expert)
22 July 2009
As per Section 194A(3)(iii)(e), we need not deduct tax at source.
Section is reproduced here.
The provision of TDS shall not apply to such income credited or paid to any company or co-operative society carrying on the business of insurance.
Section is reproduced here.
The provision of TDS shall not apply to such income credited or paid to any company or co-operative society carrying on the business of insurance.
NISHIT A. DOSHI
(Expert)
23 July 2009
interest paid to NBFC is definetly liable to tds u/s 194A.
Aditya Maheshwari
(Expert)
23 July 2009
TDS deductible u/s 194A.
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