TDS Deduction on intt. on Loan Repayment

Page no : 2

CA kanhaiya kumar (CA PASSED IN NOV.11 EXAM) (197 Points)
Replied 30 June 2010

I am Fully agree with Trilochan Sir

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CA Jigar Adhyaru (Chartered Accountant) (21 Points)
Replied 24 January 2014

Dear all,

We have one client who took loan from Indiabulls in A.Y. 2010-11. They did not deduct TDS on interest payable to Indiabulls. Assessing officer disallowed the same interest. we are in appeal for the said assessment year. Whether TDS is required to be deducted on such interest ? I have gone through the status of Indiabulls, it involves in financial service (as per wikipedia). Whether it falls under any of the above category? Further, is there any recent judgement related to this case? Please guide us.

Manish Kothiyal (Manager-Taxation) (21 Points)
Replied 24 January 2014

Dear all, We have one client who took loan from Indiabulls in A.Y. 2011-12. They did not deduct TDS on interest paid to Indiabulls. Assessing officer disallowed the same interest. Whether TDS is required to be deducted on such interest ? I have gone through the status of Indiabulls, it involves in financial service. Is there any recent judgement related to this case? Please guide us.