Whether TDS has to be deducted incase of payment of interest to financing companies like TATA capital for retail loans like car loans etc?.
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Tds
Replies (7)
Yes. TDS has to be deducted.
As it is a Private finance company you need to deduct TDS u/s 194 A @ 10% if the payment of interest in a Year exceeds Rs.5000/- .
Yes...go ahead and deduct tax @ 10% as per Sec 194A
But these financial companies take no deduction certificate or lower deduction certificate from Income tax deparment. U can ask from these companies and deduct TDS accordingly. and pl insure whether the deductor is liable for deducting TDS or not
YES, TDS IS TO BE DEDUCTED U/S 194A... @ 10%
IF AMOUNT IS EXCEEDING RS 5000.00
yes. u/s 194A
If the amount exceeds Rs.5,000/- then TDS @ 10% must be deducted u/s 194A
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