Tds on shipping line business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2015
whether TDS will be deducted on shipping line business or not if not deducted please mention reason why TDS is not deducted on shiopping line business.
21 October 2015
Hi ....
As per Section 196 following persons are exempt from TDS provisions
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
Therefore, no specific exemption is given to Shipping line business
Thank you
As per Section 196 following persons are exempt from TDS provisions
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
Therefore, no specific exemption is given to Shipping line business
Thank you
21 October 2015
https://www.caclubindia.com/experts/tds-on-freight-1997569.asp
Please refer reply given at above link for more details.
Please refer reply given at above link for more details.
23 October 2015
Further, Normally Shipping line assesses holds exemption certificate issued u/s 197.
This is also is main reason why normally TDS is not deducted in such cases. But it would be wrong to say TDS provisions are not applicable to them ..
Thank you...
This is also is main reason why normally TDS is not deducted in such cases. But it would be wrong to say TDS provisions are not applicable to them ..
Thank you...
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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
Trending Online Classes
CAclubindia
