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TDS on interest paid to bank or financial inst.

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(Querist)
23 March 2011 sir,

interest paid to bank is subject to TDS deduction or not

we paid EMI to city bank ever month so Interest include in emi is Subject to TDS dedcution or not
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 March 2011 If the amount is paid or credited to a banking company to which the Banking Regulation Act 1949 applies, TDS not required to be deducted.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
23 March 2011 The banks covered under banking reggulation Act , then we cannot deduct TDS
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