Circular no 7/2012. dtd 21.9.12- sec194lc vs 194a
This query is : Resolved
23 September 2012
Dear friends.You may aware of the circular issued on 21.09.2012 which slashes the TDS rate from 20% to 5% on the Interest Income on Non Resident. Now U/S 195LC of IT act 1961, TDS should deduct @ 5% on the interest Payment to Non Resident on 1. Money Borrowed under Loan Agreement or 2. Long Term Infrastructure Bond.
My company has deducted TDS @10% on the interest on Buyer's Credit u/s 194A.
My question is whether the circular will have any effect on the TDS on the Interest on Buyer's credit in future.
My company has deducted TDS @10% on the interest on Buyer's Credit u/s 194A.
My question is whether the circular will have any effect on the TDS on the Interest on Buyer's credit in future.
26 October 2012
If buyers credit has any agreement in writing for charging interest then the revised rates can be applied before remittance of interest
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