TDS on loan processing fees payable to bankers
This query is : Resolved
01 April 2008
What is the meaning of interest for TDS U/S 194A.If you suggest that meaning of interest as define in section 2(28A),whether we should deduct TDS on Processing Fess U/S 194J or not,If there are any case law, please advice.
01 April 2008
As per section 2(28A), loan processing fee shall be included into interest amount and will be eligible for deduction u/s 24(b) of the IT Act, 1961.
Since it is considered as a part of interest and assessee is eligible for claiming its deduction considering it as interest charges, its TDS should be deducted and that is also u/s 194A.
Since it is considered as a part of interest and assessee is eligible for claiming its deduction considering it as interest charges, its TDS should be deducted and that is also u/s 194A.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
