Hitesh Chauhan (Proprietor) (62 Points)
02 May 2009Ours is a partnership firm. We have taken vehicle finance from Sundaram Finance Ltd. Will TDS be deducted on payment of interest ? If yes then how to get credit of TDS amount from Sundaram Finance Ltd. ? Because We have already paid whole interest amount in instalment. If We deduct TDS and give credit then it will double income to Sundaram Finance Ltd ?
Seetha
(B.Com, CA)
(278 Points)
Replied 03 May 2009
sir as u have paid the whole int u cant deduct TDS.
but u can talk to them and ask them if they want u to deduct TDS (if u have given them post dated chq)
or else if they have to give u credit if they want u to deduct TDS
regds
CA Akhilesh Mundra
(Chartered Accountant)
(76 Points)
Replied 04 May 2009
Dear sir,
You are not required to deduct TDS on the amount of interest paid to Sundaram Finance Ltd.
VIPUL BUBNA
(MANAGER TAXATION)
(119 Points)
Replied 08 May 2009
TDS is not to be deducted on any interest paid to banking and approved Financial Institution.
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