TDS on Goods Sale On EMI
I have a shop of mobile and i sale mobile on EMI through home credit which is a NBFC. I want to know that is TDS to be deducted on charges paid by me on this transaction because it is paid to a NBFC. I am liable for audit
Replies (1)
You are required to deduct TDS under Section 194A on the interest component of payments made to NBFCs if you are liable for a tax audit. Failure to do so can result in tax disallowance and penalties. It is highly recommended to consult with your Chartered Accountant to ensure your specific agreement with the NBFC is correctly classified for tax purposes.
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