TDS ON INTEREST TO NBFC
This query is : Resolved
A. K. TOORRAY
(Querist)
25 June 2011
One of my asseesse (a partnership firm) has paid interest during the F.Y. 2006-2007 to Mahindra & Mahindra Financial Service Ltd., which is regisered as NBFC w.e.f. 04-09-1998.
Whether the assessee is liable to deduct TDS
Whether the assessee is liable to deduct TDS
CA PARAS BAFNA
(Expert)
26 June 2011
NBFC's are not excluded from TDS provisions and as such TDS was required to be deducted for the A Y 2007-08 also. S 194A3(iii) may be referred for the list of institutions to whom interest is paid yet kept outside the per view of TDS.
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