TDS Laibility on Clearing charges
This query is : Resolved
11 January 2010
Can some please help me to decide whether TDS should be deducted on payment made to NSE & BSE by a broker for Clearing charges paid?
please suggest any reference to case.
please suggest any reference to case.
Aditya Maheshwari
(Expert)
11 January 2010
it has been decided by the Honourable Mumbai Tribunal in the case of Kotak Securities Ltd. vs. Addl. CIT (2008) 25 SOT 440 (Mum.) that Transaction fees paid to stock exchange can not be said to be a fee paid in consideration of stock exchange rendering any technical services to the assessee. The provisions of section 194J were not attracted, therefore, there was no obligation on the part of the assessee to deduct tax at source consequently, the provisions of section 40(a)(ia) were also not attracted.
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