Friends,
Please suggest me whether i have to deduct TDS on Interest Paid to Co-operative bank for a auto loan?
CA. AJAY PANCHARIA (CA) (527 Points)
28 September 2012Friends,
Please suggest me whether i have to deduct TDS on Interest Paid to Co-operative bank for a auto loan?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 28 September 2012
If the Bank is covered under the Banking Regulation Act, 1949, then there is no need to deduct TDS on Interest.
Regards,
Devendra Kulkarni
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