TDS on Intt. other than intt. on securities

Dear Pankaj,

TDS will be applicable where if NBFC does not fall under any of the following -

(a)   any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank (b)   any financial corporation established by or under a Central, State or Provincial Act, or

        (c)   the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), or

        (d)   the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), or

        (e)   any company or co-operative society carrying on the business of insurance, or

         (f)   such other institution, association or body ²⁹[or class of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notify³⁰ in this behalf in the Official Gazette

TDS will be deducted on the amount of interest  which u will be paying/crediting every month.The total amount of Interest u can get from the repayment schedule.