Tds on payment of installment to nbfc.
This query is : Resolved
C.A SHASHANK GOYAL
(Querist)
01 October 2011
Hi , is there any requirement to deduct Tds on interest to be paid to nbfc for loan taken under the provision of section 194A . Reason being I am not able to understand clearly whether nbfc is banking company under section 194a or not . Because as per definition given in banking regulation act , banking company is company registered under companies act , and carries on the bussiness of banking , and banking being defined in section 5(c) of banking regulation act , 1949.
Also, Is Tds is to deducted on payment forloan taken from Tcs (tata capital services ).
Thanx in advance .
Also, Is Tds is to deducted on payment forloan taken from Tcs (tata capital services ).
Thanx in advance .
Preety Parik
(Expert)
01 October 2011
NBFC stands for Non Banking Financial Companies. These NBFC are not banking companies as registered under the Banking Regulation Act. Exemption from TDS is given only to those companies which are registered under Banking Regulation Act.
NBFC is not a banking company for Sec.194A
NBFC is not a banking company for Sec.194A
CA. Deepak Narula
(Expert)
01 October 2011
yes and the limit is Rs. 5000/- or above in a financial year u/s 194A
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- 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
- Goods sold but invoice not issued
- 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?
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
