TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2011
Whether TDS is deductible when payment is made to Government/ PSU/ Local bodies?
Payment is made for the purpose of rent or interest on loan
Payment is made for the purpose of rent or interest on loan
17 February 2011
TDS deduction needs to be done & paid on the basis of Due or paid basis which ever is earlier.
Eg. Rent is due for the month of April 2010 but actually paid in Aug 2010. Then TDS is deductible in April 2010 & needs to be paid to Govt by 07th May 2010.
Eg. Rent is due for the month of April 2010 but actually paid in Aug 2010. Then TDS is deductible in April 2010 & needs to be paid to Govt by 07th May 2010.
17 February 2011
Interst on loan is covered u/s 194A.
As per 194A of IT ACt, where interest is paid to any banking company, co-iperative socities engaged in banking , public financial institution, LIC, UTI a company or co-operative societies carrying on the business of insurance or other notified institution, 194A is not applicable and no tax is required to deduct on interst paid.
Rent is covered u/s 194I
As per 194I of IT ACt, where rent is paid to any Government, local authorities and statutory authorities referred to in section 10(20A)/10(20)no tax is required to deduct on rent paid.
As per 194A of IT ACt, where interest is paid to any banking company, co-iperative socities engaged in banking , public financial institution, LIC, UTI a company or co-operative societies carrying on the business of insurance or other notified institution, 194A is not applicable and no tax is required to deduct on interst paid.
Rent is covered u/s 194I
As per 194I of IT ACt, where rent is paid to any Government, local authorities and statutory authorities referred to in section 10(20A)/10(20)no tax is required to deduct on rent paid.
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