hiiii every body
tell me that we can deducted the TDS on intrest payment made to the bank against loan
thnks in advance
Pradeep Sharma (student) (114 Points)
25 March 2010hiiii every body
tell me that we can deducted the TDS on intrest payment made to the bank against loan
thnks in advance
Amir
(Learner)
(4016 Points)
Replied 25 March 2010
Dear Pradeep,
No.
Sec 194A itself provides that this section shall not apply (inter alia)
to such income credited or paid to—
(a) any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank), or
(b) any financial corporation established by or under a Central, State or Provincial Act, or
(c) the Life Insurance Corporation of
(d) the Unit Trust of
(e) any company or co-operative society carrying on the business of insurance, or
(f) such other institution, association or body 29[or class of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notify30 in this behalf in the Official Gazette
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 25 March 2010
agree with amir however if the payment has been made to nbfcs like religare, bajaj, tata tds provision would apply.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
