07 July 2022
TDS is not applicable where processing fees paid to bank as per case law DCIT vs Laqshya Media P. Ltd. and other case law. However TDS is applicable on Processing Fees paid to NBFC. TDS is deducted on Nature of payment.If nature of payment is same in both case (Bank and NBFC) Then why TDS is not applicable for bank and why applicable to NBFC Is there any clarification on this?
08 July 2022
Most of the banks owned by government and they will disclose all income and pay applicable taxes. Whereas NBFC owned by private company may not disclose income properly.
CAclubindia
