TDS deduction in Court awarded amount (on interest part)
Sujata Desai
(Querist) 28 February 2011
This query is : Resolved
As per Income Tax Laws, we have to deduct TDS on any sum being given to any party as interest and we have issue TDS certificate towards the same.
When a consumer forum orders to pay cost and compensation alongwith interest, are we supposed to deduct TDS on the interest portion and issue TDS certificate ???
If we do not deduct TDS we will have to pay TDS to I.T. Dept. for the money that is given as interest.
Thanks