depreciation and tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2011
one of my client has purchased fixed asset and paid 1 lacs as labour charges to another person for fitting? is it necessary to deduct tds on it and if tds is not deducted then depreciation will be disallowed or not?
is there any notification or judgement in this regard??
is there any notification or judgement in this regard??
01 June 2011
Section 194C attracts. Depreciation on Rs.1 lacs can't be disallowed being an allowance and not an expenditure.
01 June 2011
TDS should be deducted as the payment is in excess of the prescribed limit.
Depreciation is altogether is a different matter and has nothing to do with TDS.
Depreciation is altogether is a different matter and has nothing to do with TDS.
Guest
Guest
(Expert)
01 June 2011
Tax needs to be deducted from Rs. 1 Lac (being Fitting Charges).
Depreciation would not be affected and would be allowed. This is because Depreciation is related to Fixed Asset Value (which is Capital in nature), Fitting charges would form a part of Fixed Asset irrespective of the deduction of Tax from it.
Tax needs to be deducted from Rs. 1 Lac (being Fitting Charges).
Depreciation would not be affected and would be allowed. This is because Depreciation is related to Fixed Asset Value (which is Capital in nature), Fitting charges would form a part of Fixed Asset irrespective of the deduction of Tax from it.
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