TRILOCHAN (SENIOR ACCOUNTANT) (698 Points)
15 July 2009Sir,
pls tell me , i have taken a loan of rs.10 crore from india bulls financial services ltd. on which i have paid rs.22 lakh as processing fees.
pls tell me the above processing fees is attract to tds, if yes then under what section
waiting for ur reply
thanks a lot
trillochan
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 15 July 2009
THERE IS NO APLLCABILITY OF TDS IN THIS CASE
sachin dige
(ACCOUNTS EXECUTIVE)
(29 Points)
Replied 15 July 2009
yes, it is attract to tds
processing fees (specific service) comes under section 194J (Tds on Professional fees) i.s 11.33% but in your case payment is less than 1 crores tds will be 10.30% (surcharge not applicable)
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 15 July 2009
It's not liable for TDS.
RAJU
(LEARNER)
(1089 Points)
Replied 15 July 2009
This is not covered in the explanation given in Section 194J w.r.t. professional services. Whether would fall U/s.194C??
But I am sure that interest paid to them will be liable for tax deduction U/s.194A.
K KUMAR
(job)
(58 Points)
Replied 16 July 2009
MR SACHIN IS RIGHT. U/S 194J , We'll treat payment as expenses and also the payment made to professional.
RAMANJU
(here to updating the knowledge)
(485 Points)
Replied 16 July 2009
ajay goyal
(partner)
(43 Points)
Replied 06 March 2010
yes tds is attraced us 194A as interest . section 2 (28A) has defined interest includes fprocessing charges
CAclubindia
