Tds on business loan interest payment

This query is : Resolved

DAXESH MISTRY (Querist)
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24 February 2018 I took business loan for business purpose. Should I deduct TDS on Interest Portion which is paid thru EMI

If yes then how should i repay EMI because repayment schedule has been fixed which equal to total amt. of loan.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 February 2018 If loan taken from NBFC, in order to claim interest you have to deduct TDS on Interest portion for each EMI, Same can be taken refund from Loan providers. You have to Inform Loan providers you will do TDS for Interest. So many financial companies are reimburse after receiving TDS certificates from deductees.