Please tell me....
If any assessee makes payment of Credit Card to the bank, then he is eligible to deduct tds?
if yes then at which rate?........
Menu
Query regarding tds
Replies (2)
As Reported by Financial Express 05-01-2013 The Central Board of Direct Taxes said in a notification that from January 1, payments received by banks for seven specified services are exempt from TDS obligation. These include payment received as bank guarantee commission, cash management service charges, depository charges on maintenance of Demat accounts, charges for warehousing services for commodities, underwriting service charges, clearing charges (MICR charges) and credit card or debit card commission for transaction between the merchant establishment and acquirer bank. Such payments can be made without TDS, the notification said.
As posted by CA.Paras Bafna in experts
Agree with Mr Kuldeep.
For reference you can refer below link
https://www.financialexpress.com/news/some-bank-payments-exempted-from-tds/1054791
Recent Topics :
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
Related Topics :
CAclubindia
