Hello, I have one of my client(Firm) taken Car loan from Kotak Mahindra Prime being NBFC, but while paying interest on loan they don't allow us to deduct TDS rather they say that we directly deposit it to govt on your behalf from interest that we pay.
Now question is whether I have to take certificate from it to that effect from Kotak or should I disallow exp. in ITR
Suggest appropriate solution and alternate remedy to above case.
Thanks in advance
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TDS Applicability
Replies (4)
No need deduct TDS for Loan Interest amounts...
Sir Can u please explain with applicable sec as per income tax act??
no, i think, TDS on interest payments, to non-registered finance companies, is applicable. only NBFC`s registered/licenced as bank, is exempted from TDS on interest of vehicle loans
but sir Kotal Prime is not having banking license and it is purely NBFC company. it is not Kotal Mahindra Bank but it is Kotak Prime Ltd.
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