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of <h1>No TDS on Certain Payments to Indian Banks & Payment Systems per Income-tax Act Sec 197A(1F) Notification.</h1> The Central Government, under the authority of Section 197A(1F) of the Income-tax Act, 1961, has issued Notification No. 47/2016, effective from June 17, 2016. This notification stipulates that no tax deduction at source is required for specific payments made to banks listed in the Second Schedule of the Reserve Bank of India Act, 1934, excluding foreign banks, or to authorized payment systems companies. The specified payments include bank guarantee commissions, cash management service charges, DEMAT account depository charges, warehousing service charges for commodities, underwriting service charges, clearing charges, and credit or debit card commissions for transactions between merchant establishments and acquiring banks.
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