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TDS on Portfolio Management Fees

Diwakar Mishra (Accountant) (136 Points)

09 September 2008

TDS is deductible on fees made to Private Banks as portfolio mangement fees ?

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Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 09 September 2008

section 194(3)(iii) says TDS is not applicable

(iii) to such income credited or paid to—

(a) 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), or

(b) any financial corporation established by or under a Central, State or Provincial Act, or

(d) the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), or

(e) any company or co-operative society carrying on the business of insurance, or

(f) such other institution, association or body ⁷⁸[or class of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notify⁷⁹ in this behalf in the Official Gazette