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TDS On Interest of Private Bank

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2010 Our company status is PVT.LTD. and we have take the Business Loan from Financial Institutions (Private Non-Banking).Pls advise the below :-

1. If the TDS is Applicable on Interest Payment .
2. Then What will be TDS Deduction rate Applicable
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Rasesh

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Rasesh (Expert)
14 August 2010 TDS is not to be deducted at the time of making interest payment to banks on loans.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 August 2010 No TDS deduction is required If the amount is paid or credited to A banking company to which the Banking Regulation Act 1949 applies.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2010 if Bank Non Banking Company
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 August 2010 Then TDS to be deducted u/s 194A @ 10%

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