Does the Tds deduction applicable on intrest on vehicle loan? Is it possible to compute the same on basis of Old income tax slab
6 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 02 April 2024
Interest payable by banks is prone to tds. But not your interest payable. Interest paid by friends or relatives is prone to 5% but not vehicle loan. Tds is applicable on purchases above 50 lakhs worth goods only
sabyasachi mukherjee
(27529 Points)
Replied 02 April 2024
Applicability of tds in vehicle loan is not there.
NARENDRA
(ACCOUNTS MANAGER)
(1988 Points)
Replied 03 April 2024
If it is not a Bank .....you should deduct tds on paying interest against Vehicle Loan
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 03 April 2024
@ Naredra under what section please
NARENDRA
(ACCOUNTS MANAGER)
(1988 Points)
Replied 03 April 2024
| Originally posted by : Yasaswi Gomes new | ||
 |
@ Naredra under what section please |  |
Same, 94 A
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 06 April 2024
Interest on car loan from anyone other than a bank is liable to tds @ 10%
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