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tds

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(Querist)
08 June 2011 dear sir,

please tell me interest paid to kotak mahindra prime ltd and reliance capital ltd for financing of vehicles, wheather tds is required to deducted on interest paid to above companies.if yes then also specify the interest rate for late payment of tds.
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
08 June 2011 Yes TDS has to be deducted from interest paid to them. Interest on late payment of TDS is 1.5% per month from the date of deduction.

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