Tax Deducted from Interest paid on loan
This query is : Resolved
10 June 2011
Sir,
My client is partner in Firm, he purchase car on loan from TATA Capital Ltd. car shown in Firm payment made from firm.
My query is this interest amount attract TDS ? if yes can I show interest as expense in firms account? Loan in the name of partner it is possible to deduct TDS in firm?
My client is partner in Firm, he purchase car on loan from TATA Capital Ltd. car shown in Firm payment made from firm.
My query is this interest amount attract TDS ? if yes can I show interest as expense in firms account? Loan in the name of partner it is possible to deduct TDS in firm?
10 June 2011
Hi,
TDS on Interest paid to banks for any service is excluded from income tax (TDS) provisions.
TDS on Interest paid to banks for any service is excluded from income tax (TDS) provisions.
10 June 2011
Tata Capital Ltd is not a bank.
12 June 2011
Mr. K.K. Daruka, you are rignt Tata Capital is not a bank, but it's a private financing company, Now if firm/company pays interst on vehicle loan or housing loan then will TDS applicable on interest part ?.
12 June 2011
Mr Amit Bohra. Private financing companies are not exempted from TDS. Even if you are paying EMI you have to pay TDS seperately on the interest part of EMI and claim it back from the company. I know about many private finance companies including Tata Capital who are regularly paying back the TDS amount on production of Form 16A.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Application of 115BAC
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
