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Sec 194 a

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(Querist)
21 August 2015 Whether vehicle loan instalment paid to Toyoto Financial services is liable for TDS u/s 194A
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Deepti Asawa

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Deepti Asawa (Expert)
21 August 2015 Yes, TDS should deduct when interest paid to nbfc .
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CMA MALHAR BEHERA

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CMA MALHAR BEHERA (Expert)
21 August 2015 Interest on loan is covered to TDS u/s 194A of the Income tax Act.

However, according to Sec.194A(3(iii),interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to deduction of tax.
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