TDS is deductible on fees made to Private Banks as portfolio mangement fees ?
2 Replies
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 09 September 2008
section 194(3)(iii) says TDS is not applicable
(iii) to 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
Garvit Aggarwal
(Chartered Accountant)
(225 Points)
Replied 11 October 2017
Section 194A(3) is specific section for Interest income. How can it cover portfolio management fees.
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