23 April 2012
DEAR EXPERTS, I AM WORKING IN A PARTNERSHIP FIRM. RECENTLY OUR FIRM HAS AVAILED CAR LOAN ON 29.03.2012 FROM AXIS BANK FOR AN AMOUNT OF RS. 30 LAKHS.
THE REPAYMENT STARTS FROM IST MAY 2012 WITH EMI OF RS. 74000/- (INCLUDING INTEREST). THE INTEREST FOR THE WHOLE FINANCIAL YEAR EXCEEDS RS. 10000/-.
MY QUERY IS:
SHOULD TDS BE DEDUCTED ON THE INTEREST PART WHICH IS INCLUDED IN MONTHLY EMI.
24 April 2012
NO need to deduct TDS , as the section 194A"interest other than interest on securities', exempted in case of any interest paid to banking companies.
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