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Tds on interest

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(Querist)
28 April 2012 We import RW and we pay through LC. We deduct TDS on LC interest. Is it correct. if yes plz. explain me can we deduct tds on foreign LC's. thanks in advance.
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CMA Nishad Patkar

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CMA Nishad Patkar (Expert)
29 April 2012 Section 194A is not applicable, where interest credited or paid to any banking company. Hence TDS is not to be deducted.

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