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Tds on interest paid to national small industrial carporation ltd
Dear All
MY Client company has taken loan from NSIC and it has to pay interest . Tell me whether 194 A will applicable. NSIC is established by Gov.
Replies (7)
Not applicable; as it is not interest paid on any security. Your client has taken loan and is paying interest over it.
194 is for interest other than security
TDS will be deducted for sure
since it is not covered in any exception covered under section 194A
But in exception it is given that any financial institution carporation establish by gov. NSIc is also establish for providing finacial serivces.
So please help on this point financial carporation. my doubt is on this pint.Nsic has provided loan in this case
then no tds will be deducted in this case
NSIC is exempted for TDS Deduction
refer S.O. 2149; Dated: 13.06.1968
link:- https://incometaxindia.gov.in/Communications/Notification/920110000000009213.htm
such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette;
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