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Nayan (None)     23 July 2021

194A TDS Deduction On NBFC & Bank

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 



 3 Replies

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     24 July 2021

Bank required to deduct TDS only on interest of Deposits. If your gross interest from deposits more than Rs.50000, bank will deduct TDS.
Nayan

Nayan (None)     25 July 2021

Thanks For Answer 

1 Like
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     30 July 2021

Welcome... my pleasure......,☺️


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