In Section 194A, exceptions are provided wherein payments can be made to banks regulated by Banking Regulation Act, 1949 without deduction of tax at source.
My query in this regard is whether foreign banks like Citi Bank, HSBC, ABN Amro are covered under Banking Regulation Act. If not, interest payments these banks would be liable for deduction of tax U/s.194A
Please revert
Thanks & Regards
G. Dharmaraju
CAclubindia
