Is there any TDS liability on Interest charged by Bank On Loan Against Share and Overfdraft Facility for Private Limited company.
Is there any TDS liability on Interest charged by Bank On Loan Against Share and Overfdraft Facility for Private Limited company.
No. TDS Provisions of Sec.194A are not applicable where interest is paid to any banking company, Co op Banks, LIC of India, UTI and /or other notified institutions. (Refer Circular No.5P dt.09-10-1967).
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