Please clarify ,whether Interest payment to a NBFC( borrowing loans,e-g,vehilce), by a proprietor concern, where assessee is an individual,will attract TDS ?
2 Replies
V Vara Prasad
(Chartered Accountant)
(212 Points)
Replied 13 November 2013
Yes TDS is required to be deducted from interest payments to NBFC
Please check section 194A(3) for ur clarification.
Rachit
(Analyst)
(913 Points)
Replied 13 November 2013
Sec.194A : TDS on Interest other than interest on securities applies to persons other that Individual or HUF.
Since in your case the assessee is an individual (sole proprietor) the said section shall apply only if he is liable for audit u/s. 44AB
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