CBDT Circular on turnover commission payable by RBI to agency banks

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Clarifications regarding Turnover Commission payable by RBI to Agency Banks – exemption from TDS

Circular : No. 6/2003, dated 3-9-2003.

The work of receipt of tax payments and issue of refunds is conducted by the Banks authorized for such purposes by the Reserve Bank of India (RBI). As a compensation for the work so conducted, the Central Government pays to the Banks, through RBI, commission termed as “Turnover Commission”.

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