In profit and loss account
interest on bank loan - 50000
other information:
No deduction of tax at source on payment of interest on bank loan has been made
please tell me the treatment of TDS
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PGBP & TDS
Replies (1)
By virtue of sections 194A(3) and 197(1C), tax u/s 194A is not deductible in the following cases:
1.....Interest is paid/credited to any banking company, co-operative bank, public financial institutions, LIC, UTI, an insurance company, co-operative society carrying the business of insurance or notified institutions..
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