Tds on interest paid to non financial institution
This query is : Resolved
24 June 2014
One of my client had taken loan from cholamandalam investment and finance company. That client fall under audit. Is he required to deduct tax on interest paid to cholamandalam finance company as the interest paid by my client to non banking institution.
If yes then is there any other way by which my client come out tds deduction matter in respect of interest paid?
If yes then is there any other way by which my client come out tds deduction matter in respect of interest paid?
24 June 2014
yes, you need to deduct TDS in this case under section 194A
24 June 2014
sec 194A is applicable in this case...............................
24 June 2014
one of my c.a. friend told me that those non financial institution get certificate from income tax department to for non deduction of tax on interest. is it true?
24 June 2014
that is for the deductee to bother about. unless deductee provides you with the exemption certificate, your duty to deduct is mandatory.,
24 June 2014
that is nt for non financial instituition but for deductee u/s 197.
25 June 2014
you have to deduct the tds on intt. if your books of account get audit u/s 44AB.
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