We have paid EMIs on finance availed from Tata Capital Finance inclusive of interest. TDS has not been deducted on the interest and has not been deposited for F/y 2018-19.
Query : Remedy available ?. Further in case of Azmath-Ulla vs ACIT, there is a ruling by ITAT that TDS need not be deducted if the NBFC is showing the interest in their returns. Any further development on the subject ?
Please comment.
An early reply will be highly appreciated.
Best Regards
Subhash
If you can get a certificate from NBFC (in Form 26A format as per Rule 31ACB) then you shall not be liable to deduct TDS and shall not considered as Assessee deemed to be in default. However, you will still be liable to pay interest u/s 201(1) for the default.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
