Plz. let us know applicability of Sec.194A if int. paid to bank more than 10,000 during F.Y. against term loan or CC facility.
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Applicability of 194a in case of interest paid to banking co.
Replies (2)
In your case, TDS not applicable for Nationalised banks. TDS applicable for only NBFCs
u/s 194A(3) the payer is not liable to deduct tax at source from any banking company, financial corporation under central/state govt, LIC, UTI, cooperative society in business of banking, cooperative society in business of insurance etc.
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