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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Royalty payments to the Mining Department for procurement of murum - GST input
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
