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Tds on interest payable to nbfc
Dear Sir, In private company. if loan is taken from NBFC (Bajaj, Capital First & Tata Capital) then we have to deduct TDS amount from interest on loan? Our interest is auto-debited from bank account. If not then what should we do for audit purpose?
Replies (3)
Yes, TDS u/s. 194A is applicable.......
We have not deducted TDS for F Y 2017-18. what should we do now?
Still TDS can be remitted and return can be revised. Otherwise you have to disallow 30% of the total Interest paid to NBFC in computation of income.
Note that generally in most NBFC cases, the TDS has to be remitted from hand and then refund to be claimed from NBFC based on Form 16A.
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