Tds on commission paid to bank
Querist : Anonymous
The Central Board of Direct Taxes said in a notification that from January 1, payments received by banks for seven specified services are exempt from TDS obligation.
These include payment received as bank guarantee commission, cash management service charges, depository charges on maintenance of Demat accounts, charges for warehousing services for commodities, underwriting service charges, clearing charges (MICR charges) and credit card or debit card commission for transaction between the merchant establishment and acquirer bank.
Such payments can be made without TDS, the notification said.
and in practical, bank deduct this commission from your account, so how can you deduct TDS
but you must see the notification
Querist : Anonymous
please read my last line. see the notification mentioned by CA Paras Bafna. you don't need to deduct TDS on bank commission.
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