Hey
The bank give financial services to a company ,can TDS deduct on the payment of financial charges to bank.
VINEET KUMAR SHARMA (ARTICLE ASSISTANT) (44 Points)
26 April 2010Hey
The bank give financial services to a company ,can TDS deduct on the payment of financial charges to bank.
Max Payne
(employed)
(2569 Points)
Replied 26 April 2010
Not required to Deduct TDS
As per sec 194(3)(iii),
no need to deduct TDS when such income credited or paid to-
(a) any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank), or
(b) any financial corporation established by or under a Central, State or Provincial Act, or
(c) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), or
(d) the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), or
(e) any company or co-operative society carrying on the business of insurance, or
(f) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette;
CA Shiv
(Business Controller)
(2987 Points)
Replied 26 April 2010
agreee with G.K. no need to deduct TDS.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)