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Tds on intt payment to iocl on advances

This query is : Resolved 
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(Querist)
12 April 2012 We are contractor in refinery line.
Our company received advance against work.
IOCL charges intt on advance & we make payment of intt amount to IOCL.

My query is that whether we need to deduct TDS on intt (194A) payment to iocl.

Help me.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 April 2012 yes. TDS applicable on interest payment to IOCL

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