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Tds deducted

tanushree mondal (student) (30 Points)

23 September 2016

when I pay my emi on Bajaj Fin. Crop. will I deduct TDS or not?

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4 Replies

Rajasekhar (Student CA Final ) (58 Points)
Replied 23 September 2016

Yes, you have to deduct TDS 10% on Interest portion.

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Brahmananda Reddy M (CA) (36 Points)
Replied 23 September 2016

if u r individual or HUF then there no liability to deduct TDS.if u are other than individual and HUF then u r liable to deduct TDS u/s 194A i.e.., TDs on interest at 10%

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 23 September 2016

The query is related to TDS u/s 194A. In case you are an individual/HUF and a tax audit assessee then you have to deduct tds @ 10%. In case of other assessees like firm/company it is mandatory to deduct tds. An exemption has been provided where payment is made to a banking co. but in this case deductee is a NBFC and not a banking co. hence tds have to be deducted.

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