TDS is deductible on fees made to Private Banks as portfolio mangement fees ?
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TDS on Portfolio Management Fees
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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
(c) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), 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
Section 194A(3) is specific section for Interest income. How can it cover portfolio management fees.
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