Tds on term loan interest
This query is : Resolved
Sandesh Bajaj
(Querist)
05 January 2015
i have borrowed term loan from banking finance company. i am paying EMI comprised of principle and interest. whether i am required to deduct TDS u/s 194A or not?
Ketan Shah
(Expert)
05 January 2015
In case the payment is to be made to bank / banking finance company tax is not required to be deducted on interest payment made.
CA R SEETHARAMAN
(Expert)
05 January 2015
If it is a banking company covered under banking regulations Act no TDS required to be made.
Sandesh Bajaj
(Querist)
05 January 2015
and if it is not covered under banking regulation Act then it is required to be deducted @ 10% of only interest amount...???
CA R SEETHARAMAN
(Expert)
05 January 2015
Yes only on interest potion TDS is to be deducted.
CA SONIYA AGARWAL
(Expert)
05 January 2015
agreed with the expert
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