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TDS ON INSTALLMENTS

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Accounts
528 Points Posted on 07 November 2021
Hy All,
recently we purchased a motor vehicle for busniess use on loan of 600k .. from mahindra finance
We are paying installment.

Are we eligible to deduct TDs on installment?
My Question
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On 07 November 2021 at 19:20 Report
Replies (5)
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SEO Sai Gr. Hosp.
211715 Points Posted on 07 November 2021

Yes                                                         

1 Reply
On 07 November 2021 at 19:45
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Chartered Accountant
24588 Points Posted on 07 November 2021
Yes...
1 Reply
On 07 November 2021 at 20:36
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CA
10436 Points Posted on 07 November 2021
TDS is not required to be deducted on payment of interest (or any other service fee) if the payment is made to some Public financial Institutions, however need to comply with the TDS provisions under section 194A if payment is made to mahindra finance.
1 Reply
On 07 November 2021 at 23:05
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Accounts
528 Points Posted on 08 November 2021
Thank you
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On 08 November 2021 at 06:30
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Chartered Accountant
24588 Points Posted on 11 November 2021
Your welcome
Reply
On 11 November 2021 at 14:55


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