TDS on interest

Querist : Anonymous (Querist) 01 July 2010 This query is : Resolved
Sir i want to know about TDS on interest, we have received 200000/- from dinesh as a loan @ 12% PA Interest & Amt. Recieved agai. chq. no 440268, when we give the loan amt. we deduct tds on Interest, this process in is also applied in case of bank loan ?

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Vineet (Expert) 02 July 2010
No. Provision of TDS on interest payment u/s 194A is not applicable to interest paid/ payable to Banks, Financial Corporations, LIC, Other Insurance Companies, UTI and other notified institutions.

soumitra basu (Expert) 27 August 2010
I agree.

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