Tds on interest payment
This query is : Resolved
20 March 2015
During yhe year 2013-14 my client has availed aa a business loan of Rs.75.00 lakhs from INDIA BULLS FINANCE LIMITED. A EMI of Rs.1.10 lakhs paid 84 monthly instalment and a post dated cheques given to the company. Every months cheques were honoured. The interest portion of the said EMI is 9.60 lakhs for that year. Is TDS on interest to be deducted compulsory or not. Tds has not been deducted since payment made to corporate. Can we claim interest paid as expenses without deducting tds. During the year my client's business is covered u/s 44AB and liable to be tax audit.
20 March 2015
yes tds needs to be deducted u/s 194A on int portion and can be claimed as exp for int payment as business exp
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