how tax on interest should be deducted in case of hire purchase loans , as we have to give cheques in advance ?
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Replies (2)
Hi, Harshit you need not to deduct tax for payment of interest in case of hire purchase loan as I think you must not be falling under the category of individual /Huf having turnover as specified u/s 44AB.Contrary to the above you fall with in such category then also you need not to deduct Tds , reason being loan advancing authority must have been company or co-operative society or banking company . For further details you can refer to section 194A of income tax act . 1961.
| Originally posted by : SHASHANK GOYAL | ||
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Hi, Harshit you need not to deduct tax for payment of interest in case of hire purchase loan as I think you must not be falling under the category of individual /Huf having turnover as specified u/s 44AB.Contrary to the above you fall with in such category then also you need not to deduct Tds , reason being loan advancing authority must have been company or co-operative society or banking company . For further details you can refer to section 194A of income tax act . 1961. |
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agreed
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