TMI BlogTDS U/s 194A on vehical loanX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All Is any TDS required on intrest payment on vehical loan taken from financial institution like "Sundaram Finance". I heard that earlier it was exepted but ti is withrawn in current year. - Reply By Razesh Sharma - The Reply = If the assessee is an individual not falling within the purview of tax audit, there is no TDS liability.There are certain exemptions to Sec 194A for TDS deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on on interest other than interest on securities. In case if the interest is paid to Banking Company, Public financial institutions, co-operative society engage in the business of banking. Then there is no need to deduct the TDS on interest paid. just check Sundaram Finance whether is covered as public financial institution. - Reply By Sathish Kamath - The Reply = Tax Deductor is required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to deduct tax at source @ 10% u/s194A from the payment of Finance charges or any other charges paid to Sundaram Finance Ltd for availing vehicle loan, if aggregate of such sum exceeds Rs.5,000 in a year. If the Company produces Nil deduction certificate from their Jurisdictional Assessing Officer (TDS) to the tax deductor then TDS need not be made by the tax deductor. If lower TDS certificate is p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduced then TDS shall be made at such lower rate. - TDS U/s 194A on vehical loan - Query Started By: - HIMANSHU JARIWALA Dated:- 5-1-2011 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, 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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