20 October 2011
Thanks for reply Sir, I want to know that if this loan is taken from bajaj finance or Citi finaicail or allience etc the answer should be the same. If no pls tell me reason and also tell me to whom tds is not applicable
20 October 2011
If the amount is paid or credited to a banking company to which the Banking Regulation Act 1949 applies, TDS not required to be deducted.
So...since bajaj finance, citifinancial etc are NBFC, therefore TDS would apply @ normal rates on interest paid to them
CAclubindia
