25 October 2011
Whether interest on borrowings from LIC HOUSING FINANCE LTD by corporates to meet their working capital requirements, attract the provisions of section 194A of income tax act and tax has to be deducted at source?
25 October 2011
In my view "LIC HOUSING FINANCE LTD" is an financial corporation established by provincial act...I think amount paid to "LIC HOUSING FINANCE LTD" not covered in the scope of 194A...so no requirement of TDS on interest. Wait for suggestion of other experts
CAclubindia
