Dear Sir,
I would like to know @ what rate TDS to be collected from interest paybale on NBFC loans. If the finance company is refusing to give refund on production of TDS Certificates, what is next step?
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TDS ON INTEREST PAYABLE TO NBFCs
Replies (1)
TDS rate is 10% for the interest other than interest on secuirties,
But where interest is credited or paid to any banking company, co-operative society engaged in banking business, public financial institutions, the LIC, the UTI, a company or a co-operative society carrying on the business of insurance, or notified institutions TDS is not applicable.
you should approch incometax department for the refund of TDS, not the deducting company, the TDS deducted from the payee will be deposited into Central government a/c.
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