TDS ON TAKEN INTEREST BY BANK

gaurav (Querist) 03 June 2011 This query is : Resolved
RESPECTED SIR/MADA
I WANNA KNOW THAT WE HAVE CORPORATE FINANCE WITH TATA CAPITAL,SO BANK DEBITED INTEREST AMOUNT ON USING OF LIMIT BY US, THEN THERE IS ANY PROVISION THAT WE SHOULD DEDUCTED TDS ON INTEREST AMOUNT (INTEREST AMT. IS MORE THAN ONE LAC RUPEES.)

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Sadashiv Rupchand Gaikwad (Expert) 17 September 2011
If your Finance Company is registered under Non Banking Finance Act, and controlled by RBI you need not to deduct TDS on interest.

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