Tds on interest
Geetha (Aricle) (103 Points)
03 January 2013
loan is taken from bank.. will the tds attracts for interest on loan?
6 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 03 January 2013
If the Bank is covered under the Banking Regulations Act, then the liability to deduct and pay TDS u/s 194A does not arise.
But if the Loan is taken from a Financial Institution, you will have to deduct TDS u/s 194A @ 10%.
And after deducting TDS, you shall also have to file a Quarterly E-TDS Return.
Happy New Year to you!! :)
Regards,
Devendra Kulkarni
raju salve
(Accounts officer)
(42 Points)
Replied 04 January 2013
| Originally posted by : Geetha | ||
 |
loan is taken from bank.. will the tds attracts for interest on loan? |
 |
No need to deduct tds if loan provider is bank (as per Banking Regulations)
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