Wheteher TDS is Required to be Deduted on interest payment to BPCL on Loan given by BPCL
BPCL(Bharat Petroleum Corporation of India)
6 Replies
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 19 August 2014
Dear Sagar
IF BPCL is Goverment organisation then no need to deduct TDS on the same. Otherwise yes under section 194A.
Regards
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 19 August 2014
agreed with answer of mr. manoj
Ashwin Sharma
(Partner)
(152 Points)
Replied 19 August 2014
By virtue of u/s 194A(3) and 197(1C) BPCL is not covered in the exemption. So tax need to be deducted on interest payable to BPCL
Exemptions on TDS on inetrest is applicable to banks, PFI's, Co-op banks, LIC & UTI.
A.Senthil Subramanian
(Tax Consultant)
(1658 Points)
Replied 20 August 2014
Central Government is having nearly 54% to 55% of Sharecapital of BPCL, and the remianing are held by other Government and Non-Government Bodies. So in my view BPCL is not fully a Government Company., it is Public Sector Company. So TDS should be deducted.
Ashwin Sharma
(Partner)
(152 Points)
Replied 20 August 2014
TDS provisions has nothing to do with govt or non govt company. Even if 90% of stake is held by govt co. TDS provisions are applicable. Exemptions are covered u/s 194A(3) and 197(1C)
Recent Topics
- GST registration -notice
- GSTIN Suspended Form GST Reg 17
- Request for GST Clarification regarding ITC
- Is Capital Gain exemption available for Property a
- EPF CONTRIBUION BY EMPLOYER
- Letter of credit -seller procedure
- Filling form 26 QB
- RPT AND ITC ISSUE
- Tax Liability and ITC Summary related Issues
- REQUIRED FORMAT FOR AMENDMENT TO PARTNERSHIP DEED
Related Threads
CAclubindia
