Tds on interest to financers

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2015 Please tell me wheather TDS is deductible on interest paid to Private Financers like Choromandalam Finance or Bajaj Finance?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 January 2015 Yes TDS required to be deducted u/s 194A.

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2015 can yo give me notification number please

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 January 2015 There is no notification. Payment is covered u/s 194A and therefore TDS should be deducted.

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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18 January 2015 Yes.CS Sanjay Gupta is right.You should make TDS of NBFC interest also.But there is a practice in the market that the TDS paid by you is being reimbursed by the finance companies as they take all EMI s without TDS.So negotiate with them.