TDS deduction exemption on payments to bank
MINISTRY OF FINANCE
(DEPARTMNET OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION No. 47/2016
New Delhi, the 17th June, 2016
S.O. (E).- In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O. 3069 (E) dated 31st December, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, or to any payment systems company authorised by the Reserve Bank of India under Sub-section (2) of Section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007), namely :-
(i) bank guarantee commission;
(ii) cash management service charges;
(iii) depository charges on maintenance of DEMAT accounts;
(iv) charges for warehousing services for commodities; (v) underwriting service charges;
(vi) clearing charges (MICR charges) including interchange fee or any other similar charges by whatever name called charged at the time of settlement or for clearing activities under the Payment and Settlement Systems Act, 2007;
(vii) credit card or debit card commission for transaction between merchant establishment and acquirer bank.
2. This notification shall come into force from the date of its publication in the Official Gazette.
[Notification No. 47/2016/ F. No. 275/53/2012 – IT(B)]
( Sandeep Singh)
Under Secretary to the Govt. of India
To,
The Manager,
Government of India Press,
Ring Road, Mayapuri,
New Delhi – 110054
Tax authorities not bound with provisions of section 44AE of the Act once assessee waived the option available In a…
Whether seized document is incriminating or not is definitely a findings of fact – High Court In a recent judgment,…
Interest earned on borrowed funds/ unutilized capital subsidy are capital receipts In a recent judgment, Hon'ble Guwahati High Court has…
There is no statutory requirement of pre-deposit for stay of demand under Income Tax Act - High Court stayed demand …
Engagement of Company Secretaries (CS) as Young Professionals in the Office of Regional Director (WR), Registrar of Companies, Mumbai and…
Applicability of provisions of Section 115BBE read with Section 69, 69A and 69C in a case arising before Settlement Commission…