21 January 2008
I take loan from NRI Rs.1000000/- In that I paid interest Rs.120000/- for year. In that I deduct TDS or Not? incase tds deduct please tell section in act? and howmuch percentage we deduct TDS if compulsary.
TDS on interest shall be applied u/s 195 as the assessee is an NRI. If the assessee hadnt been an NRI, TDS wld have been levied u/s 194A. The tax rate shall be 30.9 (if total payment does not exceeds 10 lacs)or 33.99 (if total payment exceeds 10 lacs)
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