Tds on term loan interest

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Sandesh Bajaj (Querist)
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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

Ketan Shah (Expert)
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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

CA R SEETHARAMAN (Expert)
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05 January 2015 If it is a banking company covered under banking regulations Act no TDS required to be made.

Sandesh Bajaj

Sandesh Bajaj (Querist)
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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

CA R SEETHARAMAN (Expert)
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05 January 2015 Yes only on interest potion TDS is to be deducted.

CA SONIYA AGARWAL

CA SONIYA AGARWAL (Expert)
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05 January 2015 agreed with the expert

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