Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2011
Hi
I am Ravindra, working with M/s Multiplex Capital Ltd,
We have taken a car loan from ICICI bank
is there any liability to deduct TDS on payment of interest ?
I am Ravindra, working with M/s Multiplex Capital Ltd,
We have taken a car loan from ICICI bank
is there any liability to deduct TDS on payment of interest ?
24 August 2011
No TDS is to be deducted for interest paid to banks.
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24 August 2011
As per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction. Thus, any interest on car loan obtained from banks are not subject to TDS.
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