Section 194H of the Income-tax Act, 1961 - Commission or brokerage - Clarifications regarding Turnover Commission payable by RBI to Agency Banks - exemption from TDS
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TDS exemption for turnover commission: paying agency not required to deduct tax on payments to agency banks. Clarification holds that the central banking agency is not required to deduct tax at source under Section 194H on amounts of Turnover Commission paid or credited to agency banks for performing government banking services.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
TDS exemption for turnover commission: paying agency not required to deduct tax on payments to agency banks.
Clarification holds that the central banking agency is not required to deduct tax at source under Section 194H on amounts of Turnover Commission paid or credited to agency banks for performing government banking services.
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