Tds on freight
This query is : Resolved
26 May 2012
My Client is a Transporter receiving money from respective parties for transporting their goods and paid the freight.
E.g. Rs. 45000 is recd. from the party and paid Rs. 43000 for the frieght for various trucks..
Now the que is what is the liability of my client regarding TDS deduction and regarding the TDS Return is PAN No. of various Transporters are taken?
Is TDS deducted on Rs.43000?
Is In Profit & Loss A/c Gross Receipts shown Rs. 45000 and exp. is shown Rs. 43000?
Please clarify the facts
E.g. Rs. 45000 is recd. from the party and paid Rs. 43000 for the frieght for various trucks..
Now the que is what is the liability of my client regarding TDS deduction and regarding the TDS Return is PAN No. of various Transporters are taken?
Is TDS deducted on Rs.43000?
Is In Profit & Loss A/c Gross Receipts shown Rs. 45000 and exp. is shown Rs. 43000?
Please clarify the facts
26 May 2012
In terms of section 194c of income tax act, no need of tds if PAN is obtained from the transporter .
26 May 2012
yes...
NO TDS DEDUCTED ON TRANSPORTER..IF PAN PROVIDED..
IN CASE NO PAN TDS IS 20% DEDUCTED.
NO TDS DEDUCTED ON TRANSPORTER..IF PAN PROVIDED..
IN CASE NO PAN TDS IS 20% DEDUCTED.
26 May 2012
Is there any service tax liability also?
26 May 2012
1. The transporter will have to obtain PAN from other transporters.
2. The gross receipts shall be Rs. 45,000 and expenses shall be Rs. 43,000.
3. Reverse charge is applicable in this case and service tax will have to be paid. Service tax will be calculated as under:
Freight*25%*12.36%
2. The gross receipts shall be Rs. 45,000 and expenses shall be Rs. 43,000.
3. Reverse charge is applicable in this case and service tax will have to be paid. Service tax will be calculated as under:
Freight*25%*12.36%
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
