Whether to deduct TDS on interest paid to financing companies on a/c of financing of machinery ?
2 Replies
CA Adarsh
(Job)
(82 Points)
Replied 22 July 2010
If Interest paid to Financing Co. for Financing the machinery the TDS will not be deductible on this.
Manivannan.C
(article clerk - CA pcc 1st grp cleared)
(80 Points)
Replied 22 July 2010
If interes is credited or paid to any banking company, co-operative society engaged in banking business, public financial institution, LIC, UTI, a company or co-operative society carrying on insurance business or notified institutions.
If any payment is made to any private Financial institutions and if it exceeds 5000/- in a year tds has to be deducted @ 10%
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