The assessee is liable to audit u/s.44AB. The assessee is paying interest on car loan to Shri ram transport company and State bank of india. Whether the assessee is liable to deduct TDS on interest at the time of payment of interest to shri ram transport company and state bank of india?
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clarification.
Replies (3)
hello srinivasulu sure,
the assessee is liable if where the aggregate amount of interest credited or paid during the financial year does not exceeds Rs. 5,000.00
Provisions of Section 194A is not applicable on interest paid to banks. Hence interest paid on car loan to SBI will not be liable for tax deduction. However interest paid to Shriram transport will require tax deduction as it does not fall in the exemption even if it may be a Non Banking Financial Corporation (NBFC)
I agreed with Aditya
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