Dear Sir,
The Bankers debit the bank interest on end of the month. and the interest amount is above 1 lac every month. so whether we are liable to deduct tds on that part. if not then please provide detail explanation.
3 Replies
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 03 November 2007
no
194A does not apply in this case
nageswararao
(Mgr - Commercial)
(142 Points)
Replied 03 November 2007
Dear
We are not liable to deduct TDS on interest paid to Banks & Financial Institution which are approved by RBI as Financial, Banking Institution. Govt collected tax from them on Interest charged by those institutions under INTEREST TAX ACT 1974. So, we are not liable to Interest paid to Banks & Financial Institutions. Ph: 099891 57666, Email: nageswararao.bommakanti @ ril.com, Land: 0884 2388343
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