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tds on processing fees

JOSEPH DAVID (GM FINANCE) (286 Points)

06 February 2009

SBI factors and commercial services (P) Ltd has sanctioned export factoring facility to our company. They have levied processing fees of Rs.3 lakhs.

Is it necessary to deduct TDS and if it is so under what section

regards

joseph david

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2 Replies

CA. Ashok shah (CHARTERED ACCOUNTANT) (333 Points)
Replied 06 February 2009

No TDS. No such provision of TDS on Processing fees charged by Bank on loan sanctioned.

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JOSEPH DAVID (GM FINANCE) (286 Points)
Replied 07 February 2009

Originally posted by :CA. ASHOK SHAH

Sbi factors and commercial services (P) ltd is a private ltd company and a subsidiary of sbi

-still tds need not be deducted-

regards

joseph

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No TDS. No such provision of TDS on Processing fees charged by Bank on loan sanctioned.