Computation of interest amount for the purpose of TDS

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....omputation of interest amount for the purpose of TDS<br> Query (Issue) Started By: - pran shangari Dated:- 23-7-2009 Last Reply Date:- 27-7-2009 Income Tax<br>Got 1 Reply<br>Income Tax<br>A machinery ....

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....is acquired on hirepurchase basis on 36 EMI payment from a NBFC co such as Magma Leasing or L &T Financial Servies Ltd.My question is 1. Is there any obligation on the part of the purchaser to deduct ....

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....tax at source, assuming it is partnership concern?If yes, then how will be the interest amount computed for the purpose of TDS? Reply By Rama Krishana: The Reply: Hire purchase transactions can not b....

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....e bifurcated into Interest and Principal for the purpose of Section 194A to deduct TDS on interest. The installment paid is towards capital installments. Morever, the the amended scope of TDS on rent ....

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....also do not cover such transactin sine the transaction is not in the nature of rental of the property. Therefore, in my view, no TDS should be deducted from EMI.<br> Discussion Forum - Knowledge Shari....

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....ng ....