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TDS Sec 194A

This query is : Resolved 
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(Querist)
16 November 2009 Why is it that TDS is not deducted on Interest as part of EMIs.

If interest is paid to a finance Company (eg. Cholamandalam) should TDS be deducted?

If not then what can be presented in support of it.
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Sunil

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Sunil (Expert)
16 November 2009 TDS has to be deducted as the payee is an NBFC. The only way it can be prevented or reduced is if they are able to provide you with Certificate u/s 197 issued by their AO allowing lower rate or nil rate of deduction. They cannot stop you from deducting TDS if law mandates that you are required to do so. It is a matter of Public Policy where law prevails supreme over written agreements or arrangements.
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