IS TDS REQIORES TO BE DEDUCTED ON INTEREST PAID SBI FACTORS
This query is : Resolved
28 July 2010
IS TDS requires TO BE DEDUCTED ON INTEREST PAID TO SBI FACTORS SERVICES PVT LTD, WHICH IS SUBSIDARY OF SBI ?
28 July 2010
Yes. TDS is required to be deducted since it is not A banking company to which the Banking Regulation Act 1949 applies.
03 August 2010
As per S. 194 A of the Income Tax Act, there are few exceptions where TDS is not required to be deducted, like in the cases of interest payments to any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank),..etc. However, the given case does not seem to be falling in any of those exceptions, so TDS has to be deducted.
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