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TDS to financial institutes

This query is : Resolved 
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(Querist)
27 October 2009 Hello everyone. Please help me with this. I have taken a margin funding from a bank to invest in IPOS. I have ended up paying Nerly Rs.75000+ as interest cost to them. Should I deduct TDS on that amount or is interest payable to Financial institutions like banks, etc exempt from TDS?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
27 November 2009 If you are individual / HUF liable for tax audit in the previous year then u are liable to deduct TDS other wise not. In case of every assessee other than above TDS deduction liable compulsory
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