TDS on Vehicle loan
This query is : Resolved
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.
27 January 2021
TDS applicable, deduct TDS for earlier payment also now'.
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