HI FRIENDS,
I HAVE A QUERY REGARDING TDS:

X LTD. HAS GOT DONE A FABRICATION WORK FROM A CONTRACTOR Y LTD. INVOICE RAISED BY Y LTD. IS OF RS. 10,00,000.

INVOICE AMOUNT IS IN EXCESS OF JOB ORDER BY RS 50,000. HENCE X LTD. RAISE A DEBIT NOTE ON Y LTD. OF RS. 50,000 ON THE SAME DATE ON WHICH INVOICE IS BOOKED.

NOW MY QUERY IS THAT WHETHER TDS U/S 194C SHOULD BE CHARGED ON RS. 10 LACS OR ON RS. 9.50 LACS.

I KNOW THAT TDS IS TO BE CHARGED ON ANY "SUM" CREDITED TO THE PAYEE ACCOUNT.
BUT IF WE DEDUCT TDS ON RS 10 LACS, IT WILL BE UNFAIR TOWARDS Y LTD. JUST BECAUSE WE ARE BOOKING INVOICE AT FULL VALUE AND THEN RAISING A DEBIT NOTE ON HIM.

SURELY Y LTD. WILL GET THE BENEFIT OF TDS AT THE TIME OF ASSESSMENT. BUT EXCESS TDS CARRIES AN OPPORTUNITY COST IN THE FORM OF INTEREST LOST.

PLEASE ANSWER ELABORATELY.

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Sir,

Ferro molybdenum is classified under Chapter 72 under HS code : 72027000.

As per the custom tariff notification No: 02/2009 dated 2-1-2009, the basic custom duty applicable for HS code : 72027000 is 5%. However as per custom tariff (as available in CBEC site) is custom duty for HS code : 72027000 is 10%. why this difference in rate ? Please advice

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Experts,

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Please clarify.

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