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Tds on interest to financial institutions

This query is : Resolved 
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(Querist)
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
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A.Senthil Subramanian

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A.Senthil Subramanian (Expert)
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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