TDS ON BANK INTEREST & BANK CHARGES
This query is : Resolved
03 July 2009
An exporter of qualified goods gets credit facilities from scheduled/nationalised banks as well as from co-operative banks. Both type of banks will debit interest on finance utilised for and charges or commission for other services rendered for, Generally banks are debiting accounts in nature of Postage and other communication charges as well as commission for negotiation etc. Under the circumstances, exporter is liable for TDS ? If yes, under which circumstances ?
05 July 2009
In my opinion, No TDS on bank commission and bank charges is leviable u/s 194A of The Income Tax Act,1961
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