194A TDS Deduction On NBFC & Bank

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None
28 Points Joined July 2021

Hey, All

Want to know about something in 19A TDS Deduction On NBFC & Bank

Why do we have to deduct TDS on the interest of NBFC Company only why not a bank? 

Now I am working with a logistic company that only deduction TDS 10% on NBFC interest 

But not in bank case? can anyone explain me? 

I searched so much but not found the relevant answer 

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On 23 July 2021 at 08:44 Report
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Chartered Accountant
86500 Points Joined April 2011
Bank required to deduct TDS only on interest of Deposits. If your gross interest from deposits more than Rs.50000, bank will deduct TDS.
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On 24 July 2021 at 06:02
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None
28 Points Joined July 2021

Thanks For Answer 

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On 25 July 2021 at 13:12
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Chartered Accountant
86500 Points Joined April 2011

Welcome... my pleasure......,☺️

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On 30 July 2021 at 06:05


CCI Pro

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