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Tds

12 July 2011

Do tds required to be deducted on interest paid for car loan or home loan for which emi payment is made as per chart provided

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5 Replies

Anila (Article Assistant) (177 Points)
Replied 12 July 2011

No need to deduct TDS on such interest paid

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 12 July 2011

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 12 July 2011

यदि राशि का भुगतान किया है या जो बैंकिंग विनियमन अधिनियम 1949 लागू होता है एक बैंकिंग कंपनी के लिए जमा, टीडीएस की आवश्यकता नहीं .

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@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 13 July 2011

not required to deduct TDS..

Anjani Kumar (Manager) (128 Points)
Replied 13 July 2011

@ Rajesh As per Sec-194A you need not deduct TDS on interest paid to financial Institutions, if interest payment is more than Rs.5000/- PA to other than fiancial institution like Sundaram Finance, Fincorp, Muthoot Finance etc..you need to deduct TDS as per SEC-194A subject to LOWER/NIL deduction certificate produced by the institution. If i am wrong please explain