TDS ON INTEREST
This query is : Resolved
10 July 2008
SUPPOSE MR. XYZ IS UNDER AUDIT (SECTION 44AB) FOR FY 2007-08. NOW HE TAKES LOAN FROM TATA MOTOR FINANCE (WHICH IS DIVISION OF TATA MOTORS LIMITED)IN APRIL 2008. HE HAS TO PAY 23 EMIs OF RS. 43000 EACH. OBVIOUSLY EMI INCLUDES INTEREST PORTION. IS MR. XYZ LIABLE TO MAKE TDS ON THIS INTEREST PORTION ?
11 July 2008
Payment to Financial corporation is exempt from deduction of TDS on interest.
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