Tds section 194a

Lucky A (Manager) (72 Points)

27 August 2012  

 

Dear Sir,

Kindly help me in the following case:-

I am paying the interest on the loan taken from Bajaj Finserve Ltd. ( A Non Banking Financial Instutuion).

I have to submit  the 10% of the interest paid in every quarter to the government and I get the amount refunded by Bajaj Finserve Ltd. The section 194A in the TDS Act states that the TDS shall be deducted if the interest amount exceeds Rs.10000. The period is not mentioned there. Is it for the whole year or for each quarter. 

Thanking You,

Lucky A.