Whether TDS is required to deduct on Interest on Loan taken from Bank or any Finance Company like Reliance, Bajaj etc. and what will be rate of that
Pankaj Arora
(Learner)
(3134 Points)
Replied 28 March 2011
YES TDS have to deduct on interest u/s 194A.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 28 March 2011
TDS applicable for loan other than banks, sec 194 A @ 10%
if they are exempted from tds , then they will produce certificate for non deduction or deduction at lower rate, issued by income tax department.
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