Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2014
Tds Section Applicable for tds on compensation against flat cancellation
03 December 2014
I am of the opinion that the same is subject to TDS under section 194A – Interest other than interest on securities.
Sec 2 (28A) defines “interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilized.
Refer to the decision passed by Ahmd ITAT, (2011) 12 Taxmann 37 (Ahd) { Full judgement is appearing on this forum)
wherein held that payment having no nexus with loan, deposit or borrowing, is outside the purview of Interest, hence no liability of TDS. This case may probably help you.
Sec 2 (28A) defines “interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilized.
Refer to the decision passed by Ahmd ITAT, (2011) 12 Taxmann 37 (Ahd) { Full judgement is appearing on this forum)
wherein held that payment having no nexus with loan, deposit or borrowing, is outside the purview of Interest, hence no liability of TDS. This case may probably help you.
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