TDS RATE

This query is : Resolved

CMA. CS. Sanjay Gupta (Querist)
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06 March 2010 Dear Experts,

Please clarify what is the rate of TDS to be deducted on payment of interest on loan to a Company.

As far as i know the rate of TDS is 10% in above case. But some files submitted in CA CLUB INDIA are mentioning that the rate is 20%.

Thanks.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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06 March 2010 Sir,

you are correct. It is 10% w.e.f. 01.04.09

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Querist)
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06 March 2010 Thank You.

And i humbly request CA CLUB INDIA to check the information prvided in submitted file before dasplaying the same as wrong info can be misleading.

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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06 March 2010 it is 10% in sec 194A
but if it is paid to Non-resident then rate is 20% but sec is 195

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Querist)
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06 March 2010 Dear Experts,
please download the file from following link, see the rate mentioned u/s194A and then comment on the rate mentioned. It is my humble request to all of you.

https://www.caclubindia.com/share_files/tds-at-a-glance-for-ay-2011-2012-23901.asp

Thanks.

taxindiaconnect

taxindiaconnect (Expert)
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06 March 2010 Dear,

The rate od TDS @ 10% is applicable from 01.10.2009 onwards and earlier to that the rate was 20% + Applicable SC and EC. may be the file you are acessing, belong to period earlier the 1st Oct 2009.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Querist)
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06 March 2010 NO SIR IT IS THE RECENT MOST FILE. PLEASE CHECK THROUGH ABOVE LINK.