Tds on interest on bank
This query is : Resolved
Parin N kapadia
(Querist)
27 January 2014
whether TDS is liable on payment made to Interest on loan to bank under section 194A?
AVTAR SINGH
(Expert)
27 January 2014
No. Interest on loan is covered to TDS u/s 194A of the Income tax Act. However, as per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction. Thus, any interest on loan obtained from banks are not subject to TDS.
Parin N kapadia
(Querist)
18 February 2014
thnk you very much sir...
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