shravan (103 Points)
05 March 2009Hi 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?????
Sachin
(Chartered Accountant)
(419 Points)
Replied 05 March 2009
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
CA CS VINAYAK PATIL
(CHARTERED ACCOUNTANT)
(921 Points)
Replied 05 March 2009
| 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
Neeraj Kumar
(article)
(33 Points)
Replied 05 March 2009
you are not liable to deduct tds since banks are exempt from tds on interest and bank charges
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 05 March 2009
dear sir,
if the person who is making the payment is individual or HUF then he or it is not liable to deduct TDS........................
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 13 March 2009
No you are not liable to deduct TDS on payment made to Bank towards Bank Charges.
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 15 March 2009
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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