Hi Friends,
The question below is with regard to Purchase of Computers on Hire Purchase Basis.
I wanted to know if the interest portion on hire purchase should be paid after deducting TDS under section 194A.
6 Replies
CA. Atindra A. Prabhu Bhatikar
(practising CA)
(68 Points)
Replied 02 May 2008
Yes. Interest paid under a hire purchase contract should be paid net of TDS as the interest portion in the EMI shall be the income of the receiver.
CA. Kirti S. Ganatra
(Service)
(1461 Points)
Replied 02 May 2008
Yes, Deduct TDS on Interest portion
Shyam Lal Naik
(Service)
(6156 Points)
Replied 02 May 2008
Depends on the status of the lender. Interest paid to banking companies, financial institutions and other notified institutions are exempt from TDS requirement.
Ramesh B. Uplana (CA)
(Audit Genral Manager)
(74 Points)
Replied 19 May 2008
YES APPLICABLE TDS ON INTEREST PORTION
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