Easy Office
LCI Learning

Interest paid to finance companies

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 September 2011 I have paid interest to Citi Financial - which is a finance company for a business loan - i have been advised to deduct TDS on the same

Should I do so ?

Also some repayments have been made in cash of interest and principal - what is the effect since I am subject to tax audit provisions
Profile Image

CA Divyesh Sodha

Profile Image

CA Divyesh Sodha (Expert)
25 September 2011 TDS on interest t Finance co. is applicable @ 10%.
Profile Image

CA AYUSH AGRAWAL

Profile Image

CA AYUSH AGRAWAL (Expert)
25 September 2011 You Cant paid Interest in Cash Above 20000.
But Can Pay Principle Amount.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links