Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2015
processing fees taken by bank while advancing loan is liable for TDS..???? if yes, under which section ????
Amol S Joglekar
(Expert)
22 January 2015
No, it is not liable for TDS.
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Rupesh Jain
(Expert)
22 January 2015
no it is not liable to tds.
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22 January 2015
agreed with above replies............
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22 January 2015
Interest paid to bank is exempted from TDS. U/s 2(28A)interestmeans, 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 utilised. So no TDS.
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22 January 2015
As per Sec.194A(3)(iii), interest paid to any banking company to which Banking Regulation Act, 1949 applies is not subject to tax deduction.
Since processing fee is covered under the meaning of interest as defined u/s 2(28A) of the IT Act no TDS required to be deducted.
Since processing fee is covered under the meaning of interest as defined u/s 2(28A) of the IT Act no TDS required to be deducted.
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