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of <h1>Resident taxpayer must deduct TDS at prescribed rates on interest paid to non-residents for external loans and long-term bonds</h1> Where an Indian resident taxpayer (a specified company or business trust) pays interest to a non-resident individual (other than a foreign company) or to a foreign company on monies borrowed from sources outside India under prescribed loan or long-term bond arrangements, it must deduct tax at source when the interest is credited or paid. The deduction rates are generally 5%, with specified lower or higher rates for particular categories of rupee-denominated or IFSClisted long-term bonds (4% or 9% as applicable). Deduction applies only to interest not exceeding the rate approved by the Central Government.
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