Tds - sec 194 b
This query is : Resolved
13 January 2012
Hello,
I have got a car amounting to Rs. 8.5 Lacs from Nokia, in lucky draw on purchase of Nokia Mobile. The entire amount for the car has been paid by the company. As per TDS provisions TDS has to be made by the company or to be recovered. The company now asking me to pay the TDS amount directly to IT Dept. What is the procedure to make such payment? Which Challan I have to use for payment- Self Assessment -Advance Tax or els?
I have got a car amounting to Rs. 8.5 Lacs from Nokia, in lucky draw on purchase of Nokia Mobile. The entire amount for the car has been paid by the company. As per TDS provisions TDS has to be made by the company or to be recovered. The company now asking me to pay the TDS amount directly to IT Dept. What is the procedure to make such payment? Which Challan I have to use for payment- Self Assessment -Advance Tax or els?
13 January 2012
TDS is the responsibility of DDO (the Drawing and Disbursing Officer), in your case it was the Company who awarded the Prize and was required to do TDS under Sec 194b @30% on the ex-showroom cost( RTO, Insurance, etc. costs were to be borne by the customer/prize winner) depending upon what the Company paid to dealer. Usually prize winner should have been delivered the car only after getting deposited the TDS money with the Company (awarding the Prize). Now it's other income for you and you need to pay the same according to your taxability status using the relevant challan/process.
13 January 2012
It is better to take letter from that company which covers the payment of TDS matter and obtain the TAN of the company and u can make TDS payment using NSDL challans through online. You must quote the section under which section u r making payment and related Asst Year with carefully.
13 January 2012
make payment as advance tax u/s 194B.
15 January 2012
@ Jagdish Sir & Vikas Sir,
Yes, I will make the payment of TDS. But my concern is, Whether I have to make TDS payment of behalf of Company ?I have to deposit Tax by crediting Company's Name i.e. on TAN. Which CHALLAN I have to use- for Advance Tax-194 B? I will take letter from company about the same.
Yes, I will make the payment of TDS. But my concern is, Whether I have to make TDS payment of behalf of Company ?I have to deposit Tax by crediting Company's Name i.e. on TAN. Which CHALLAN I have to use- for Advance Tax-194 B? I will take letter from company about the same.
28 January 2012
You have to use Challan i.e,Form No:ITNS 281 and you have to quote TAN of the Company issued to you in that challan. You can also make payment through i net banking fecelities
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