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CBDT GRANTS EXEMPTION FROM TDS ON THE PAYMENTS OF CERTAIN CATEGORIES TO MITIGATE COMPLIANCE BURDEN ON BUSINESSES HELD BY INDIVIDUALS, FIRMS OR CORPORATE ETC WHO ARE USING THE FINANCIAL SERVICES OFFERED BY BANKS
January, 05th 2013
                             PRESS INFORMATION BUREAU
                               GOVERNMENT OF INDIA
                                        ***


CBDT GRANTS EXEMPTION FROM TDS ON THE PAYMENTS OF CERTAIN
CATEGORIES TO MITIGATE COMPLIANCE BURDEN ON BUSINESSES HELD BY
INDIVIDUALS, FIRMS OR CORPORATE ETC WHO ARE USING THE FINANCIAL
SERVICES OFFERED BY BANKS


                                                                    New Delhi, Pausa 14, 1934
                                                                             January 4, 2013


        To mitigate compliance burden on businesses held by individuals, firms or corporate etc who are
using the financial services offered by banks, the Central Board of Direct Taxes (CBDT) has issued a
notification u/s 197A(1F) granting exemption from tax deduction at source (TDS) on the payments of
certain categories.




       Payment towards bank guarantee commission, cash management service charges, depository
charges on maintenance of Demat accounts, charges for warehousing services for commodities and
underwriting service charges made to the banks which are listed in the Second Schedule of the Reserve
Bank of India Act, 1934 (excluding Foreign Banks) can be made without TDS with effect from 1st
January 2013.

        The notification also facilitates payment without TDS of credit/debit card commission on
transaction between the merchant establishment and acquirer banks. This will also positively impact the
use of plastic money in the economy.

      The notification will obviate the uncertainties about the applicability of specific TDS provisions
on payments mentioned above and consequent litigation.







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