Tds on interest of truck loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2013 SIR,

CAN DEDUCTION OF TDS IS COMPULSARY ON INTEREST PAID TO A PRIVATE FINANCER SUCH AS CHOLAMANDALAM,HINDUJA,DHANLAXMI, GE CAPITAL ETC UNDER WHICH SECTION ? AND PERCENTAGE ?

Ganeshbabu K

Ganeshbabu K (Expert)
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31 October 2013 yes it is mandatory to deduct tds on payment of interest under section 194A @10%

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 October 2013 yes it is under section 194A at 10% since you are the payee you referring to is NBFC. However, in case the loan is financed from a bank, TDS wont apply.

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