Is TDS applicable on any service provided by Scheduled Commercial Bank like L/C Advising Charges, Up-front Fees, etc..
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TDS on Banking Services by SCB
Replies (2)
Dear Abhishek,
TDS will not be deducted in following cases -
1) If it is RBI..(Sec 196)
2) If payment is made in respect of Interest (other then on securities) i:e specifically exempt u/s 194A
In all other cases, TDS will be applicable as it is applicable in case of any other assessee.
Section 194A not applicable to any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank),
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