Processing fees paid to bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2013
If Processing Fees paid to bank is liable t0 deduct TDS under which section.
CA PARAS BAFNA
(Expert)
05 August 2013
It is not liable for TDS.
.
.
Hemant Kumar
(Expert)
05 August 2013
Processing fee is covered under the meaning of interest as defined u/s 2(28A) of the IT Act.
Hemant Kumar
(Expert)
05 August 2013
definition of interest as stipulated u/s 2(28A) "interest" means interest payable in any manner in respect of any money borrowed or debt incurred (including deposit, claim or other similar rights or obligation) and included any service fee or other charge in respect of the money borrowed or debt incurred or in respect of any credit facility which has not been utilized.
and there is no requirement to deduct TDS from payment of interest to any Bank.
and there is no requirement to deduct TDS from payment of interest to any Bank.
Ganeshbabu K
(Expert)
05 August 2013
tds not applicable on payment to banks covered in banking regulation act as per 194A(iii)a
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