TDS ON INTEREST ON VEHICLE LOAN TAKEN FROM RELIANCE CAPITAL

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2011 Respected Sir,

My company has taken a vehicle loan from Reliance Capital. we are paying instalment along with inerest from june 2010.
I just wanted to know whether TDS is applicable on the payment of interest u/s 194A . if yes, what is the effective date from which tax should be deducted on the such payment..

Pls guide me.

Pravin singh
Chartered Accountant

Guest

Guest (Expert)

08 January 2011 Yes, tax is required to be deducted from Reliance Capital either on the date of payment of interest or on the date when interest was credited, which ever is earlier

Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2011 Thanks a lot Sir.

Sir now Ijust wanted to know that applicability of tds on intrest to Rel. capipal effective from 1st april 2010 or july 2010 or form some earlier period.

once again lot of thanks.

Pravin Singh
C A

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Guest

Guest (Expert)

11 January 2011 It is not from 1st april 2010 or july 2010 but it is effective for last many years.I can say that, Rel. Capital was never granted such exemption.

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2011 Once again thanks a lot sir ji.

Pravin singh