Tds on interest u/s 194a
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2015
Interest paid to NBFC attracts TDS provision under sec (194A) ?
26 February 2015
https://www.caclubindia.com/forum/applicability-of-tds-on-interest-to-nbfcs-263089.asp
26 February 2015
Yes Interest paid to NBFC attracts TDS provision u/s 194A.
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 March 2015
Kotak Mahindra Prime Ltd. is a subsidiary of kotak mahindra Bank.
Will tds U/s 194A be deduted on Vehicle Loan taken from Kotak Mahindra Prime Ltd ?
Will tds U/s 194A be deduted on Vehicle Loan taken from Kotak Mahindra Prime Ltd ?
24 March 2015
Interest on loan is covered to TDS u/s 194A of the Income tax Act. However, as per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction.
In the given case though Kotak Mahindra Prime Ltd is a subsidiary of Kotak Mahindra Bank it is to be seen whether whether the Banking Regulation Act, 1949 is applicable to Kotak Mahindra Prime Ltd. I dont think it will be applicable and therefore TDS is required to be deducted.
In the given case though Kotak Mahindra Prime Ltd is a subsidiary of Kotak Mahindra Bank it is to be seen whether whether the Banking Regulation Act, 1949 is applicable to Kotak Mahindra Prime Ltd. I dont think it will be applicable and therefore TDS is required to be deducted.
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