Tds on payments to bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2014
Citi bank charged management fee quarterly in name of select one fee for financial year 2011-12.
Whether tds was required to be deducted on it.
Bank did not give us any invoice they charged the same by debiting our bank account
Whether tds was required to be deducted on it.
Bank did not give us any invoice they charged the same by debiting our bank account
AVTAR SINGH
(Expert)
19 January 2014
Payment towards bank guarantee commission, cash management service charges, depository charges on maintenance of Demat accounts, charges for warehousing services for commodities and underwriting service charges made to the banks which are listed in the Second Schedule of the Reserve Bank of India Act, 1934 (excluding Foreign Banks) can be made without TDS with effect from 1st January 2013 as per NOTIFICATION NO. 56/2012.
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