TDS on Vehicle loan
This query is : Resolved
Gopalakrishnan. S
(Querist)
26 January 2021
Sir,
One of my friend is running a Proprietary business and he has purchased a commercial vehicle for
his business, through a private financial institution. He is paying regular EMI.
The turnover of his business has crossed Rs. One crore in the last Financial Year ( 2019 - 20 )
Now, should he deduct the TDS from the financial institution for the interest part on the EMI paid
by him for the vehicle loan ?
If so, what about the previous payments of the EMI, for which, TDS has not been deducted.
Pls. advice.
With Regards.
One of my friend is running a Proprietary business and he has purchased a commercial vehicle for
his business, through a private financial institution. He is paying regular EMI.
The turnover of his business has crossed Rs. One crore in the last Financial Year ( 2019 - 20 )
Now, should he deduct the TDS from the financial institution for the interest part on the EMI paid
by him for the vehicle loan ?
If so, what about the previous payments of the EMI, for which, TDS has not been deducted.
Pls. advice.
With Regards.
CA R SEETHARAMAN
(Expert)
27 January 2021
TDS applicable, deduct TDS for earlier payment also now'.
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