Hi Friends,
Is TDS u/s 194A applicable to Interest payments on Vehicle loans paid to Banks & Financial Institutions?
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TDS on Int. paid to banks & financial inst. on vehicle loans
Replies (7)
yes
t.d.s on interest is applicable to all types of n.b.f.c (non banking financial institutes)
only banking co.r exempt from this
| Originally posted by :Faisal Merchant | ||
| " | Hi Friends, Is TDS u/s 194A applicable to Interest payments on Vehicle loans paid to Banks & Financial Institutions? |
" |
No
If paid to other persons other than these than it has to be deducted.
If any interest is paid to Banks and financial institutions, it need not be deducted.
Interest paid to any other person TDS u/s 194A will be attracted
No
NO,
You should refer to www.incometaxindia.gov.in for further reference.
Hi
194 is applicable even if you use the word Finance Charges. Sundaram Finance is having exemption certificate. Ashok Leyland Finance is now merged with Indus Ind Bank. Hence 194 is not applicable to Ashok Leyland Finance.
Bye
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