Rate of tds
This query is : Resolved
01 January 2013
1. xyz.company has made contract with courier company(ABC company) for courier services.
2.ABC company has given Franchise to individual(Proprietor).
3.xyz.company have to make payment to that proprietor.
Now, The problem is at which rate xyz company should deduct TDS?
please notify,
is there any judgement or notification related to your answer ?
2.ABC company has given Franchise to individual(Proprietor).
3.xyz.company have to make payment to that proprietor.
Now, The problem is at which rate xyz company should deduct TDS?
please notify,
is there any judgement or notification related to your answer ?
01 January 2013
The rate of TDS is based on the status of the person to whom the amount is being paid or credited.
.
How the transaction is being recorded in the Books of Accounts -plays a significant role. If you are recording the amount in the name of ABC Co. then Rate will be 2%.
.
Otherwise the rate will be 1%.
.
However contract with ABC Co. is having other valuable business importance deduct TDS @ 2% of the Prop., by mentioning the original contract terms. He will not object.
.
.
How the transaction is being recorded in the Books of Accounts -plays a significant role. If you are recording the amount in the name of ABC Co. then Rate will be 2%.
.
Otherwise the rate will be 1%.
.
However contract with ABC Co. is having other valuable business importance deduct TDS @ 2% of the Prop., by mentioning the original contract terms. He will not object.
.
Message likes :
1 times
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
- Tax implications of gift to maternal uncle
- Closure of a PVT LTD company
- ROC filings for the first year of incorporation
- Input Tax Credit Puf panels
- Real estate business by a partnership firm where both of the partners are SC/ST
- 26QB correction - no data available error for fully consumed/processed with default
- How to open attachment in 23ac xbrl
- When I Login E-invoice portal with waybill user id and pw, it is showing 3011 error data
- TDS on Purchase of Immovable Property in case of Co Owner
- SAC codes for Chartered Accountant
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
- Printing Press under Composition Scheme
- 140-A Tax Wrongly Paid PAN No
- CSR funding for private limited companies
- Professional tax deduction monthly
- Cross charges verses Isd methof
- Refund Application in RFD 01 for Export without payment of tax
- Ewaybill bill to ship from
- Fail to issue gst invoice from last 46 months
- GST on Overtime Charges
CAclubindia
