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QUERY: Whether TDS u/s. 194A is deductible on payment of credit card? Several entities have been receiving notices regarding non-deduction of TDS u/s. 194A on charges paid to banks towards use of credit card facilities used by them as merchant establishments. Whether these charges would be covered by the term ‘interest’ and would get covered under the said section?
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S. 2(28)(a) defines ‘interest means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee