02 May 2009
Ours is a Partnership firm. We have taken vehicle Loan/Finance from Sundaram Finance Ltd. We have already paid the whole amount of insalment. Is is Liable for TDS ? If Yes Then what is the procedure to get refund of already paid whole interest ?
03 May 2009
It is not liable for TDS if the aggregate amount of interest credited or paid (or likely to be credited or paid) during the financial year does not exceed Rs. 5,000
Otherwise U have the following options 1. Ask for refund of interest already paid and deposit TDS- might not be possible 2. Deposit TDS from your own fund- extra expense amounting to TDS 3. Face disallownace of the whole interest paid under income tax act- pay extra tax 4. Compare 2 and 3 and select the best option
05 May 2009
usualy these people have TDS exemption certificate U/S. 197. Discuss with the concerned prerson and get the same for your records and close the issue.
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