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.
Applicability of 194a in case of interest paid to banking co.
Sapan (Article ) (44 Points)
10 August 2011
Sivaguru SM
(Tax Consultant)
(235 Points)
Replied 10 August 2011
In your case, TDS not applicable for Nationalised banks. TDS applicable for only NBFCs
Mihir
(Wealth Manager)
(5293 Points)
Replied 10 August 2011
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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