applicability of TDS
This query is : Resolved
Sharad Jain
(Querist)
11 November 2010
IS TDS applicable on amount paid towards Annual subscription & Membership fees? amount rs 25000.00
Aditya Maheshwari
(Expert)
11 November 2010
No
Sharad Jain
(Querist)
11 November 2010
why soooooooooo
Aditya Maheshwari
(Expert)
11 November 2010
it has been decided by the Honourable Mumbai Tribunal in the case of Kotak Securities Ltd. vs. Addl. CIT (2008) 25 SOT 440 (Mum.) that Transaction fees paid to stock exchange can not be said to be a fee paid in consideration of stock exchange rendering any technical services to the assessee. The provisions of section 194J were not attracted, therefore, there was no obligation on the part of the assessee to deduct tax at source consequently, the provisions of section 40(a)(ia) were also not attracted.
taxindiaconnect
(Expert)
11 November 2010
Agreed.
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