Section 197A of the income-tax Act, 1961 - Deduction of tax at source - no deduction in certain cases - Specified payment under section 197A (1F) - if payment is made to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 - 56/2012 - Income Tax Act, 1961
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No TDS on specified bank service payments when paid to eligible domestic banks, clarifying withholding obligations and scope. Notification under section 197A(1F) provides that no deduction of tax at source shall be made on specified service payments-including bank guarantee commission, cash management service charges, depository charges for DEMAT maintenance, warehousing charges, underwriting charges, clearing (MICR) charges, and merchant-acquirer card commission-where such payments are made to domestic banks listed with the Reserve Bank, excluding foreign banks, effective from the notified commencement date.
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.
No TDS on specified bank service payments when paid to eligible domestic banks, clarifying withholding obligations and scope.
Notification under section 197A(1F) provides that no deduction of tax at source shall be made on specified service payments-including bank guarantee commission, cash management service charges, depository charges for DEMAT maintenance, warehousing charges, underwriting charges, clearing (MICR) charges, and merchant-acquirer card commission-where such payments are made to domestic banks listed with the Reserve Bank, excluding foreign banks, effective from the notified commencement date.
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