Tds-on processing fees
This query is : Resolved
29 June 2013
If a private bank(kotak mahindra)engaged in a contract
for discounting the bill of debtors ,for this he sigh a contract for one financial year at a certain amount.
On signing a contract he charged a processing fees which belongs from such signing a deal
Again in next year the new contract will be conducted and again they will charged processing fees
Pls tell that whether to Ded TDS on such processing fees paid to bank on sanctioning the contract.
for discounting the bill of debtors ,for this he sigh a contract for one financial year at a certain amount.
On signing a contract he charged a processing fees which belongs from such signing a deal
Again in next year the new contract will be conducted and again they will charged processing fees
Pls tell that whether to Ded TDS on such processing fees paid to bank on sanctioning the contract.
29 June 2013
plz provide the details of your transaction
29 June 2013
pls solve this Querry
29 June 2013
In my opinion TDS should not be deducted on Processing Fees.
29 June 2013
I agree with vinita Jee
29 June 2013
Any Provision on which its not allowed mam
29 June 2013
I have faced a similar situation with SBI wherin 20lacs have been charged on us but no TDS.
Moreover Bank Charges do not attract TDS Processing Fees is Bank Charges so TDS is not applicable on it
Moreover Bank Charges do not attract TDS Processing Fees is Bank Charges so TDS is not applicable on it
29 June 2013
But mam tds is not applicable on schedule bank,as per my knowledge in case of mine kotak bank is not a schedule bank
Pls revert on this
Pls revert on this
29 June 2013
Still in my opinion tds should not be deducted on Bank Processing Fees
29 June 2013
ok mam thank u
01 July 2013
1)if amount is paid to banking company no tds applicable
2)if amount paid to NBFC then only tds applicable..
2)if amount paid to NBFC then only tds applicable..
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