TDS applicability on Bank Guarantee Charges
This query is : Resolved
15 January 2011
Whether TDS is required to be deducted on Bank Guarantee Commission Charges & Solvency Certificate charges paid to Bank under section 194H of I.T Act?? Since TDS on interest paid to banks are specifically exempted by section 194 of I.T Act. So is there any similar provision us 194H for bank guarantee commission charges paid to banks. Kindly quote the prescribed sections notification circular or any case law if available in this matter.
Guest
Guest
(Expert)
15 January 2011
TDS is not required to be deducted under section 194H of I.T Act on Bank Guarantee Commission Charges & Solvency Certificate charges paid to Bank as it is not covered by the definition of 'commission or brokerage'provided in the explanation to sec. 194H.
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