Tds on interest to financial institutions
This query is : Resolved
08 June 2015
I have a client who has taken loan from various financial institutions and the loan is repaid via emi based ecs deductions, the party is a proprietor under Income tax Audit does he have to deduct TDS on such interest paid to the financial institutions
09 June 2015
If the Loans are made for the Purpose of Business and not for personal nature then TDS should be deducted @10 u/s 194A. If, in case loan is made for personal nature then no need to deduct TDS.
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