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of <h1>RBI's Turnover Commission to Agency Banks Exempt from TDS u/s 194H of Income-tax Act, 1961.</h1> Section 194H of the Income-tax Act, 1961, addresses the tax deduction at source (TDS) on commission or brokerage. A circular issued on September 3, 2003, clarifies that the Turnover Commission paid by the Reserve Bank of India (RBI) to Agency Banks for handling tax payments and refunds on behalf of the Central and State Governments is exempt from TDS. The decision was made after representations to the Board, which concluded that the RBI is not required to deduct tax on these commissions paid to authorized banks conducting government business.
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