Tds on payment of installment to nbfc.
This query is : Resolved
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 .
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
01 October 2011
yes and the limit is Rs. 5000/- or above in a financial year u/s 194A
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