194A TDS Deduction On NBFC & Bank

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23 Points Posted on 23 July 2021

Hey, All

Want to know about something in 19A TDS Deduction On NBFC & Bank

Why do we have to deduct TDS on the interest of NBFC Company only why not a bank? 

Now I am working with a logistic company that only deduction TDS 10% on NBFC interest 

But not in bank case? can anyone explain me? 

I searched so much but not found the relevant answer 

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On 23 July 2021 at 08:44 Report
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Quick Summary
This discussion explores the differing rules for Tax Deducted at Source (TDS) on interest earned from Non-Banking Financial Companies (NBFCs) compared to banks. The original poster notes their company deducts TDS on NBFC interest but not bank interest, seeking clarification. The response clarifies that banks deduct TDS on deposit interest only if it exceeds £50,000 annually.

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Chartered Accountant
44487 Points Posted on 24 July 2021
Bank required to deduct TDS only on interest of Deposits. If your gross interest from deposits more than Rs.50000, bank will deduct TDS.
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On 24 July 2021 at 06:02
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None
23 Points Posted on 25 July 2021

Thanks For Answer 

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On 25 July 2021 at 13:12
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Chartered Accountant
44487 Points Posted on 30 July 2021

Welcome... my pleasure......,☺️

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On 30 July 2021 at 06:05

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