Hi,
Pls help solve this query :
Co. X in India imports Machineries from Co. Y in China. When payment is made by the Bank of Co. X, the Bank charges commission from Co. X. This is a Pvt. Bank. Is TDS required to be deducted u/s 194H ?
5 Replies
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 02 February 2012
I too think that TDS should be deducted. There is no specific exemption in the IT ACT regarding these payment.
Roshan A
(Chartered Accountant)
(458 Points)
Replied 03 February 2012
Yes the company shall deduct TDS provided such commission does not exceed Rs 2500.
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