TDS
This query is : Resolved
27 May 2010
Hi all.... Our client is a private ltd company engaged in hotel business. They allow discount of 15% to credit card holders of a partcular bank. The customer pays the bill amount less discount. This discount allowed by them is reimbursed by the bank. The bank has deducted tds on such discount amount reimbursed @ 10.3%.
Issue:
1.Whether it is justified on the part of bank to deduct TDS on such discount reimbured?
2.If it is so, under which section?
Issue:
1.Whether it is justified on the part of bank to deduct TDS on such discount reimbured?
2.If it is so, under which section?
27 May 2010
I THINK BANK IS TREATING THIS AS AN COMMISSION AND DEDUCTING TDS U/S 194H.
JUSTIFICATION DEPENDS ON THE TERMS OF AGREEMENT BETWEEN BANK AND COMPANY.
JUSTIFICATION DEPENDS ON THE TERMS OF AGREEMENT BETWEEN BANK AND COMPANY.
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