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Applicability of TDS for legal review by Banks
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....pplicability of TDS for legal review by Banks<br> Query (Issue) Started By: - Parag Shah Dated:- 7-4-2013 Last Reply Date:- 11-4-2013 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Members, I reques....
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....t opinion of the members on the following issue: There are several applicants who have applied for loan. * The Bank has appointed a legal firm / Advocate to advise on the validity of documents pre-....
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.... & post sanction. * The Advocate raises the invoice on the Bank- A/c Applicant. * The fees payable to advocate is debited tot the account of the Applicant & thereinafter the fees have been to the ....
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....advocate /firm. * The Bank states it is reimbursement / paid on behalf of the applicant & accordingly the TDS is not applicable, neither it routed through the profit / loss account. * Kindly advis....
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....e on the above at my email id [email protected] Thanks & Regards// Parag Shah +91 9869788636 Reply By CA GOPALJI AGRAWAL: The Reply: since bank is liable to pay to the lawyer hence it would li....
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....able to deduct tax at source. It has no relevance that the payment is not debited in P/L.<br> Discussion Forum - Knowledge Sharing ....