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if TDS to be duducted on Discounting charges paid to a Bank

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 May 2010 my customer discounted his payment due to me after 180 days so i have to pay discount charges of bank for 180 days.
if TDS is required to be deducted on such payment
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
26 May 2010 Discount, in the case of bill discount, is nothing but interest. Interest paid to Banking Companies are outside the purview of Section 194A.
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taxindiaconnect

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taxindiaconnect (Expert)
29 May 2010 I agree with shyam
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