TDS on loan processing fees payable to bankers
This query is : Resolved
01 April 2008
What is the meaning of interest for TDS U/S 194A.If you suggest that meaning of interest as define in section 2(28A),whether we should deduct TDS on Processing Fess U/S 194J or not,If there are any case law, please advice.
01 April 2008
As per section 2(28A), loan processing fee shall be included into interest amount and will be eligible for deduction u/s 24(b) of the IT Act, 1961.
Since it is considered as a part of interest and assessee is eligible for claiming its deduction considering it as interest charges, its TDS should be deducted and that is also u/s 194A.
Since it is considered as a part of interest and assessee is eligible for claiming its deduction considering it as interest charges, its TDS should be deducted and that is also u/s 194A.
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