Tds on commission paid to bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2014
Dear Sir,
During year 2011-12 we paid commission of Rs 50Lcs commission to national as well as foreign bank with out deduction of tds. please tell me is it mandatory to deduct tds on commission? if no then please provide answer with section
Thanking You
Ravindra Acharya
During year 2011-12 we paid commission of Rs 50Lcs commission to national as well as foreign bank with out deduction of tds. please tell me is it mandatory to deduct tds on commission? if no then please provide answer with section
Thanking You
Ravindra Acharya
27 August 2014
yes tds is deductible in this case but for foreign bank it is deductible u/s 195.
27 August 2014
No TDS required to be deducted from any payment made to a bank to which Banking Regulations Act applies.
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