Tds on payment to government
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2012
As per section 196
196. Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to—
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it.
My point is, what is meaning of Government under this section?
Is all payments made to govt.are exempt from TDS?
196. Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to—
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it.
My point is, what is meaning of Government under this section?
Is all payments made to govt.are exempt from TDS?
23 June 2012
Meaning of the Govt means -the State Governments and the Central Governments.
.
Yes, all the payments made to the Govt are
exempt from TDS.
.
.
Yes, all the payments made to the Govt are
exempt from TDS.
.
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