27 April 2020
Dear Sir one of my creditor charge interest on average Due balance and send a GST invoice and charge gst as applicable on such goods. (like 5%). i want to know that TDS is required to Deduct and what rate thanks
27 April 2020
No need to deduct income tax since such interest will not partake the nature and character of interest, as contemplated in section 194A, r.w.s.2(28A) of the Income tax Act,1961.
27 April 2020
In your case no need to deduct TDS since such interest will not falls under TDS provisions under section 194A of the Income tax Act, 1961.
CAclubindia
