TDS ON INTEREST TO NBFC

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A. K. TOORRAY (Querist)
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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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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