Whether tds is to be deducted?
This query is : Resolved
19 December 2014
One of my client having car rental business taken loan from tata capital finance and icici bank for the purpose of purchase of vehicle. The interest payable on such loan is going more than 10000 RS. whether tds is required to be deduced or not? If yes then how can bank manage their installments as per repayment scheduled?
20 December 2014
TDS required to be deduct under section 194A, if assessee is other than Individual or HUF, on interest paid to TATA capital being NBFC are not covered under 196 of Income Tax Act, 1961.
For Individual and HUF required to deduct TDS if he/she covered by provision of tax audit under section 44AB in previous financial year
No TDS required to be deducted for the interest payment made to ICICI bank
For Individual and HUF required to deduct TDS if he/she covered by provision of tax audit under section 44AB in previous financial year
No TDS required to be deducted for the interest payment made to ICICI bank
20 December 2014
your client is doing business as INdividual/HUF and his gross reeipts in last year exceeds rs. 100 lacs
then you have to deduct the tds on intt. pay exceed rs. 10000/- to non banking company like tata capital finance in your case.
in if he is firm/PVT ltd/ LTD company then you have to deduct the tds w/o considering the sales of last year.
then you have to deduct the tds on intt. pay exceed rs. 10000/- to non banking company like tata capital finance in your case.
in if he is firm/PVT ltd/ LTD company then you have to deduct the tds w/o considering the sales of last year.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
