Interest on Unsecured loan Applicable

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629 Points Posted on 11 April 2021
Sir

We have a Unsecured loan from 3 party. interest on Unsecured loan Rs. 163000/-needs to pay please suggest TDS on applicable or note we have not a tan number and annual turn over less then 3 Crore
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On 11 April 2021 at 14:13 Report
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This discussion clarifies the applicability of Tax Deducted at Source (TDS) on interest paid for an unsecured loan. It confirms that TDS is indeed applicable, even without a TAN number. For the financial year 2020-21, the TDS rate is 7.5% on the interest amount.

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Chartered Accountant
24588 Points Posted on 11 April 2021
I think TDS u/s 194A will be deducted @ 10% (7.5% subject to conditions if payments are made between 14.5.20 to 31.3.21) on such interest on loan
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On 11 April 2021 at 14:40
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2742 Points Posted on 11 April 2021
TDS IS APPLICABLE, IF DON'T HAVE TAN THEN APPLY FOR THAT. TDS TO BE DEDUCTED @ 7.5% FOR THE FY 20-21
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On 11 April 2021 at 14:46

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