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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2011 Hi
I am Ravindra, working with M/s Multiplex Capital Ltd,

We have taken a car loan from ICICI bank
is there any liability to deduct TDS on payment of interest ?
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
24 August 2011 No TDS is to be deducted for interest paid to banks.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 August 2011 As per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction. Thus, any interest on car loan obtained from banks are not subject to TDS.
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