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tds on interest paid
a co. has turnover exceeding 40 lacs.the co.has taken car loan from kotak primus ltd.i.e. nbfc. whether co. is liable to deduct tds on interest paid to kotak primus u/s 194a
Replies (5)
If the payment is above 5000p.m. & if so deductions @ 22.66%.
Interest payment exceed Rs. 10,000 per annum, you should deduct TDS @ 10.3% or11.33% under section 194A
Turnover of the Company has no relevance here. Section 194A is applicable to all persons except individuals and HUFs not covered by Tax Audit.
Payment of interest to NBFC will very much attract the TDS provisions of 194A. So where interest per annum exceeds Rs. 5000/-, TDS has to be deducted.
However, if such payment is in the nature of Hire Purchase Charges, 194A perhaps will not apply.
Payment of interest to NBFC will very much attract the TDS provisions of 194A. So where interest per annum exceeds Rs. 5000/-, TDS has to be deducted.
However, if such payment is in the nature of Hire Purchase Charges, 194A perhaps will not apply.
| Originally posted by :Amit Sharma | ||
| " | If the payment is above 5000p.m. & if so deductions @ 22.66%. |
" |
I want depreciation as per company act chart
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