TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2011 Sir,
pls tell me , i have taken a loan of rs.25 crore from Axis Bank. on which i have paid rs.2.50 lakh as processing fees and other charges like BG Issue Chagres-87491,Solvency Charges-80000,Bg Postage,BG Amendment Chagres

pls tell me the above processing fees is attract to tds, If yes please provide the relevant law/section.

waiting for ur reply
thanks a lot

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 January 2011 Bank chagres like Processing fees, BG charges not attract any TDS

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2011 please provide the relevant law/section,because The income tax department say you have deducted TDS section 194-J 10% this amt

waiting for ur reply this is very urgent

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 January 2011

Please refer the sec 194A(3)(iii)(a) of the Income tax act. & also section 194J apply for professional & consultance charges. Bank processing fees not to be treated as professional services

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2011 iii) to such income credited or paid to-

(a) any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank), or

above mention SHOW only 194-A BANK INTEREST NOT BANK CHARGES LIKE BG LOAN PROCESSING CHARGES ...SIR PLS GIVE ME PROVIDE STRONG THE RELEVANT LAW OR JUDJMENT.

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