Hi everyone please answer my doubt
I have a huge amount of bank transactions hence my bank charges exceed Rs.50000 in a year. So do i deduct TDS on the banker on 194 J?? i have only one bank a/c. And how do u deduct from a person who takes money automatically from ur account?????
Dear Shravan,
You are not liable to deduct TDS on Bank Charges. please write me any query related to Taxation, my email id is sachinagarwalcallb @ gmail.com
| Originally posted by :Sachin | ||
| " | Dear Shravan, You are not liable to deduct TDS on Bank Charges. please write me any query related to Taxation, my email id is sachinagarwalcallb @ gmail.com |
" |
nice answer sir
you are not liable to deduct tds since banks are exempt from tds on interest and bank charges
dear sir,
if the person who is making the payment is individual or HUF then he or it is not liable to deduct TDS........................
No you are not liable to deduct TDS on payment made to Bank towards Bank Charges.
No TDS is required to be deducted on bank charges, interest paid to bank etc.
An individual or HUF is required to deduct TDS on any payment only when their account is liable to be audited under Section 44AB.
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