Sir,
pls tell me , i have taken a loan of rs.10 crore from india bulls financial services ltd. on which i have paid rs.22 lakh as processing fees.
pls tell me the above processing fees is attract to tds, if yes then under what section
waiting for ur reply
thanks a lot
trillochan
THERE IS NO APLLCABILITY OF TDS IN THIS CASE
yes, it is attract to tds
processing fees (specific service) comes under section 194J (Tds on Professional fees) i.s 11.33% but in your case payment is less than 1 crores tds will be 10.30% (surcharge not applicable)
It's not liable for TDS.
no TDS
Dear Chentan
can you explain why
This is not covered in the explanation given in Section 194J w.r.t. professional services. Whether would fall U/s.194C??
But I am sure that interest paid to them will be liable for tax deduction U/s.194A.
MR SACHIN IS RIGHT. U/S 194J , We'll treat payment as expenses and also the payment made to professional.
yes tds is attraced us 194A as interest . section 2 (28A) has defined interest includes fprocessing charges
CAclubindia
