TDS on penal interest
This query is : Resolved
19 December 2009
Whether interest paid to GIDC which is in nature of penalty is liable for TDS?
And whether the GIDC (Gujarat Industrial Development Corporation) is Statutory Authority due to which itetest paid to it is not laible for TDS u/s 194A?
And whether the GIDC (Gujarat Industrial Development Corporation) is Statutory Authority due to which itetest paid to it is not laible for TDS u/s 194A?
20 December 2009
as per my opinion,If the GIDC covering under Notified instituions as per CBDT circular, no necessary to deduct
20 December 2009
You will get the list of institutions notified under section 194A(3)(f) of the Income-tax Act in the Taxman's Master Guide to Income Tax Act (Circualrs, notifications section)West Bengal Industrial Development Corporation Ltd, which is similar institution in West Bengal is a notified institution.
21 December 2009
But whether Tax is required to be deducted on Interest paid as a result of penalty?
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