Bookmarks   Feedback   Annual Subscription   New User   Login  
Tax Management India .com   
   TMI - Tax Management India. Com   
WITH GST CONSTITUTIONAL AMENDMENTS, WHAT NEXT ?    *    Companies Act, 2013-25 Key Highlights    *    status foodgrain pulses and oilseed    *    Service tax exemption for transportation of life saving medicines    *    Applicability Of Service tax on Liquidated Damages    *    Goods and GST Bill passed    *    determination of assessable value for job work transaction    *    CENVAT CREDIT    *    Excise Cenvat credit on Electricity Power bill    *    Employees sent on deputation to subsidiary/ associate companies (Service Tax)    *    GLOW SIGN AND HOARDING    *    Regarding cenvat credit on service tax on rent a cab    *    Potato Chips as Namkeen    *    Central Excise Exemption of ₹ 150 Lakhs    *    Cenvat credit on water treatment plant    *    Cenvat Credit - refund - export of services - The registration is not the sole criteria for granting refund, so long the other conditions are satisfied, refund shall be granted - Tri    *    CENVAT credit demo cars capital goods input nothing is demonstrated today that a demo car falls in any of the Chapters dealing with capital goods - credit cannot be allowed - Tri    *    Period of limitation - in case duty was required to be paid on the strips, the appellant was entitled to avail credit of duty paid on the granules, which would have neutralized the entire demand on the strips - in this Revenue neutrally background, there could be no malafide on the part of the appellant to evade duty - Tri    *    Validity of statutory provisions - Imposition of penalty on company and directors - he legislature while in view of such situation has granted discretion to the executive, at the same time, provided for sufficient guidelines and safeguards so that such discretion does not convert into arbitrary or discretionary exercise of powers - HC    *    Strengthening Our Debt Markets (Dr. Raghuram G. Rajan, Governor - August 26, 2016 - at Annual Day Address to Foreign Exchange Dealers Association of India, Mumbai)
Discussions Forum
Home Forum Income Tax
← Previous Next →

Tds applicability on NBFC companies - Income Tax

#1 Issue Id: - 1350
Dated: 16-7-2009
By:- sunil mehta
Tds applicability on NBFC companies

  • Forum

A partnership firm borrows takes a personal loan from HDB Financial Services Ltd,a subsidiary of HDFC Bank Ltd. for business purpose.hdb fIN.SER. LTD. IS A nbfc.That partnership firm was under tax audit in A.Y. 2008-09.The firm paid interest on personal loan exceeding rs.5000/- during the financial year. 1)Whether NBFC are subjected to TDS ?(ON INTEREST PAID BY BORROWER FOR BUSINESS PURPOSE) 2)Is there any exemption to NBFC?(Banks are out of purview of section 194A)?If yes then quote notification/circular no.

Post Reply

Posts / Replies


#2 Dated: 18-7-2009
By:- Rama Krishana

I thing NBFCs are not banking companies and not eligible for the provisions of section 194A. However, it seems that the matter is controversial and more debate and views are invited on this issue.

#3 Dated: 20-7-2009
Since the law is clear so no need of any notification or circular. Banks are exempt only. NBFC are not exempt and I have faced similar situation.Banking companies are those on whom banking regulation act applies.

Post Reply


← Previous Next →
what is new what is new

Advanced Search

Latest Updates




More Options


|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map || ||

© [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version