TMI BlogTds applicability on NBFC companiesX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 aud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there any exemption to NBFC?(Banks are out of purview of section 194A)?If yes then quote notification/circular no. - Reply By Rama Krishana - The Reply = I thing NBFCs are not banking companies and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Reply By GOPALJI AGRAWAL - The Reply = Sin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applies. - Tds applicability on NBFC companies - Query Started By: - sunil mehta Dated:- 16-7-2009 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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