Tds

This query is : Resolved

shafeek ali (Querist)
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21 July 2012 sir,

we are paying EMI for vehicles purchased rs. 35000/ to tata finance (not a banking company)

are we liable to deduct tax on monthly payment?

can we make deduction on last payments without deducting first payments

CA RICHA BADALIA

CA RICHA BADALIA (Expert)
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21 July 2012 As it is not a banking company TDS is deductible assuming the limit of Rs.10000 P.A. is crossed.

No you cant do that. You have to deduct TDS on entire interest component for the year.

shafeek ali

shafeek ali (Querist)
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21 July 2012 thanks madam

finance team told us that they want payment in full without deducting tds, is there any procedure adjust the tds amount.

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