Applicability of TDS on payment of Int. on Loan to L&T Finance

[Kirti Tulsyan]

Dear Professionals 

One of my client has availed term loan from L&T Finance for some Plant & Machinery.

It has paid regular installements along-with interest and the interest has been charged to P/L A/c. 

My question is whether TDS will be applicable U/s 194A on payment of this this interest to L&T Finance ? 

Pls reply urgent. 

Thanks to all in advance 

CA MAHESH AGARWALLA 

REPLY

Yes. Tds to be deducted as L and T is not a govt. Undertaking.

As present situation these type private institutions adjust tds amount every year at year end.

Regards
CA Ratan Agarwal

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Best Regards, 
Kirti Tulsyan
B.Com.,ACA,CS


P.D.Rungta & Co. 
Chartered Accountants 

Head Office:
21, Hement Basu Sarani, 3rd Floor , Room .No.317 
Kolkata-700 001,West Bengal, India

Branches :                                             
Bhagalpur |  Khatima | Mumbai | Ahemdabad | Bangalore | Delhi

Homepage : http://www.pdrungta.co.in/

“Save Paper! Save Trees! Before printing, Think about the environment”

A Candle loses nothing by lighting another candle" --- eServe 

[RISHAB JALAN]

Dear Mahesh,

TDS should be deducted u/s 194A on the interest portion of the installment. L & T refunds the amount of TDS by cheque on submission of TDS certificates.

CA Rishab Jalan
+2348114491854

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