Dears
an individual who is liable for tax audit in the immediately preceeding previous year has to deduct tds on interest on loan paid to financial institutions in the current year.
If he doest not deduct tds - 40(ia) disallowance applicable or not?
Sowmya.S.Balan (Paid Assistant) (749 Points)
23 September 2015Dears
an individual who is liable for tax audit in the immediately preceeding previous year has to deduct tds on interest on loan paid to financial institutions in the current year.
If he doest not deduct tds - 40(ia) disallowance applicable or not?
Rashi Bajaj
(CA)
(752 Points)
Replied 23 September 2015
Interest paid on loans from banks, co-operate societies, LIC or Public financial institutions (such as State Finance Corporation), Insurance company or UTI are exempted from TDS provisions.
Sowmya.S.Balan
(Paid Assistant)
(749 Points)
Replied 23 September 2015
we have paid interest to financial instituions other than those mentioned above .
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