sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 Here are top 5 investment schemes that you can consider Want to save tax?
 5 Simple tips to save income tax at the eleventh hour
 6 fixed income investments to help you save tax under section 80C
 How much tax can you save via tax saving investments, expenditures?
 5 tax saving mistakes millennials need to watch out for Income Tax Saving
 Tax-saving 101 for young earners
 4 important tax benefits of buying a house jointly
 5 best ways to invest and save tax at the last minute Last minute tax saving tips
 Pay your pending advance tax by 15 March
 2018 Tax Extensions: 12 Tips To Save You Money
 5 investment options other than Section 80C to save more Income Tax return filing

CBDT provides fillip to digital payments
June, 23rd 2016

Payment system companies have cause for cheer as the Central Board of Direct Taxes (CBDT) has helped improve cash flows for them by exempting seven types of transactions from TDS obligations.

Businesses making payments to ‘payment system companies’ (such as electronic wallet providers, merchant aggregators) in respect of the seven specified transactions will not be required to deduct tax at source, the CBDT has said.

Seven transactions
The seven transactions specified for the TDS exemption are bank guarantee commission; cash management service, depository charges for maintenance of DEMAT accounts; charges for warehousing services for commodities; underwriting service charges; clearing charges (MICR) including interchange fee and credit card or debit card commission for transaction between merchant establishment and acquirer bank.

Commenting on this development, Naveen Surya, Managing Director, Itz Cash, a payment solutions provider, said that he welcomed the CBDT move to support payment system companies.

“This is going to improve cash flows for companies like us and also enable these companies to grow faster,” Surya said.

Amit Singhania, Partner, Shardul Amarchand & Mangaldas, a law firm, said the CBDT move will reduce the compliance burden and aid in enhancing the digital economy.

Rakesh Nangia, Managing Partner, Nangia & Co, said the CBDT move should be taken positively by the companies such as Paytm, Mobikwik and PayUmoney.

“Companies would now be motivated to use these channels to make payment, thereby providing the impetus to the growth of these payment system companies.

“Encouraging the growth of payment system companies is a constructive step towards making the ‘Digital India’ dream of India’s growth story a reality,” Nangia said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions