Tds on mem fees payable to indian bank assosciation

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MOHINI DALVI (Querist)
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11 May 2013 Dear All,

Can you please let me know, whether tds is applicable on Membership fees payable to Indian Bank Association. If yes then suggest section as well.

Thanks

Ganeshbabu K

Ganeshbabu K (Expert)
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15 May 2013 as per section 194A(3)iii tds not applicable on amount credited to banks

194A(3(iii) to such income credited or paid to-

(a) any banking company to which the Banking Regulation Act, 1949 (10 of 1949 ), applies, or any co- operative society engaged in carrying on the business of banking (including a co- operative land mortgage bank), or

(b) any financial corporation established by or under a Central, State or Provincial Act, or

(c) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956 ), or

(d) the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963 ), or

(e) any company or co- operative society carrying on the business of insurance, or

(f) 2[ such other institution, association or body 3[ or class of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette

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