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Tds on interest to financers

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 January 2015 Please tell me wheather TDS is deductible on interest paid to Private Financers like Choromandalam Finance or Bajaj Finance?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
10 January 2015 Yes TDS required to be deducted u/s 194A.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 January 2015 can yo give me notification number please
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
15 January 2015 There is no notification. Payment is covered u/s 194A and therefore TDS should be deducted.
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shivaji prasad bhimavarapu

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shivaji prasad bhimavarapu (Expert)
18 January 2015 Yes.CS Sanjay Gupta is right.You should make TDS of NBFC interest also.But there is a practice in the market that the TDS paid by you is being reimbursed by the finance companies as they take all EMI s without TDS.So negotiate with them.
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