Please clarify ,whether Interest payment to a NBFC( borrowing loans,e-g,vehilce), by a proprietor concern, where assessee is an individual,will attract TDS ?
Please clarify ,whether Interest payment to a NBFC( borrowing loans,e-g,vehilce), by a proprietor concern, where assessee is an individual,will attract TDS ?
Yes TDS is required to be deducted from interest payments to NBFC
Please check section 194A(3) for ur clarification.
Sec.194A : TDS on Interest other than interest on securities applies to persons other that Individual or HUF.
Since in your case the assessee is an individual (sole proprietor) the said section shall apply only if he is liable for audit u/s. 44AB
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
