TDS applicability on Bank Guarantee Charges

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Sameer Vineshbhai Mehta (Querist)
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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.

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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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