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TDS on interest payment

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(Querist)
15 December 2009 If a indian company pays interest to overseas branch of SBI whether TDS is to be deducted? If yes then which section, if No then which section is applicable.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
15 December 2009 TDS provisions are not applicable on payment of interest to banks or FI's. So, tax need not be deducted on such payments.

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