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Q. > Please Help: TDS on Discounting Charges
Is TDS is deductable on discounting charges paid to CANBANK Factors Ltd
3 Answers
answered Jul 17, 2011 by CA VIKAS JAIN , DELHI
answered Apr 22, 2013 by Rishabh Upadhyay , Chandigarh
yes
answered Oct 01, 2013 by Vaneet Gupta , Delhi
Yes
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CA. SANAT PYNE
06-May-2011 , 07:37:42 amDiscounting charges is in the nature of interest and therefore u/s 194A. All type of bank charges in connection with a loan or borrowing are categorised alongwith interest. You are not to deduct TDS U/s 194A for interest paid to bank. The definition of interest is in Chapter I (prelimnaries) Section 2 (Definitions) Clause No. (28A) interest means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised ;]