Tds on non banking
This query is : Resolved
Madhuri Mahalle
(Querist)
11 April 2015
dear sir/madam,
Our client taken loan from capital first,in feb.2015.They are paying monthly EMI.with interest.Sir can i deduct tds on interest,and how can i make entry in Tally.
Thank You.
Our client taken loan from capital first,in feb.2015.They are paying monthly EMI.with interest.Sir can i deduct tds on interest,and how can i make entry in Tally.
Thank You.
Aditya Maheshwari
(Expert)
11 April 2015
Yes TDS shall be deducted on loan taken from NBFC companies. The EMI should be adjusted so that the same covers the TDS to be deducted on Interest otherwise you will have to deduct TDS on interest component and deposit the same and issue TDS certificate for the same and then they would give credit for the TDS deducted.
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