i have a doubt, whether TDS will be applicable on interest component for business loan received from private banks, ex. tata capital ltd/kotak mahindra/Religare...?
As per sec 194A we need not deducted tds on interest if it is paid to Banking comapany, cooperative society engaged in banking business,FI,LIC,UTI or insurance company.
Now u have to see whether those companies from which ur company have taken a loan--falls in the above category, if they falls in the above category then need not deduct TDS(Ex: If ur company has taken a loan from kotak bank then no need to deduct tds)
CAclubindia
