Poonawalla fincorp
Poonawalla fincorp

Tds on interest paid to banks & financial institution

This query is : Resolved 
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(Querist)
20 August 2012 As my company has taken loan from institution like Kotak Mahindra,Barclays & Bajaj do we have to deduct tds on interest paid
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
20 August 2012 Yes, Since These are Registered as NBFC.
On Bank No Need to Deduct TDS.
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SANYAM ARORA

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SANYAM ARORA (Expert)
20 August 2012 Yes you will have to deduct Tds
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
20 August 2012 No need to deduct TDS if interest paid to a banking company to which the Banking Regulation Act 1949 applies.

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