Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2015
processing fees taken by bank while advancing loan is liable for TDS..???? if yes, under which section ????
22 January 2015
No, it is not liable for TDS.
.
.
.
.
Message likes :
1 times
22 January 2015
no it is not liable to tds.
Message likes :
1 times
22 January 2015
agreed with above replies............
Message likes :
2 times
22 January 2015
Interest paid to bank is exempted from TDS. U/s 2(28A)interestmeans, interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised. So no TDS.
Message likes :
1 times
22 January 2015
As per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction.
Since processing fee is covered under the meaning of interest as defined u/s 2(28A) of the IT Act no TDS required to be deducted.
Since processing fee is covered under the meaning of interest as defined u/s 2(28A) of the IT Act no TDS required to be deducted.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
