Secton 197a(1f)
This query is : Resolved
subhashis de
(Querist)
06 July 2013
I would like to know about the implication of the 197A(1f) section in TDS. pls explain me.
and is No deduction( certificate recd.) applicable u/s 194I of TDS?
and is No deduction( certificate recd.) applicable u/s 194I of TDS?
CA PARAS BAFNA
(Expert)
06 July 2013
Section 197A(1F):
Implications: By inserting the section and issuing Notification No 56/2012, certain specified payments to institutions etc. have been exempted from the provisions of TDS. The specified payments are-
(i) bank guarantee commission;
(ii) cash management service charges;
(iii) depository charges on maintenance of DEMAT accounts;
(iv) charges for warehousing services for commodities;
(v) underwriting service charges;
(vi) clearing charges (MICR charges);
(vii) credit card or debit card commission for transaction between the merchant establishment and acquirer bank.
.
On Rent U/s 194I there is no exemption and as such TDS has to be deducted.
.
Implications: By inserting the section and issuing Notification No 56/2012, certain specified payments to institutions etc. have been exempted from the provisions of TDS. The specified payments are-
(i) bank guarantee commission;
(ii) cash management service charges;
(iii) depository charges on maintenance of DEMAT accounts;
(iv) charges for warehousing services for commodities;
(v) underwriting service charges;
(vi) clearing charges (MICR charges);
(vii) credit card or debit card commission for transaction between the merchant establishment and acquirer bank.
.
On Rent U/s 194I there is no exemption and as such TDS has to be deducted.
.
06 July 2013
THANK SIR FOR THE NOTIFICATION NUMBER ALSO.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
