TDS on freight charges for AY 2020-21
This query is : Resolved
04 December 2019
TDS is to be deducted u/s. 194C on freight charges paid if single payment exceeds Rs.30000/- and yearly payment exceeds Rs. 1.00 lac. If I paid freight Rs.10000+10000+10000 during April to June,19 and during July I paid Rs. 80000/-. Now during July,19, whether I have to deduct TDS on 30000/- or on 110000/- ?
04 December 2019
Deduct TDS on 110000.
04 December 2019
TDS to be deducted at the time of payment or accounting whichever is earlier. When threshold limit exceeds, TDS is to be deducted for the whole amount ( Ie TDS not deducted eralier ( as the amount is within threshold limit at that time+ current payment).
In your case TDS is to be deducted for Rs.110000 ( 80000 + 30000) @ 1% Rs.1100/- in July 19 and balance payment of Rs.78.900/- ( Rs.80000-1100) to be given to transporter.
In your case TDS is to be deducted for Rs.110000 ( 80000 + 30000) @ 1% Rs.1100/- in July 19 and balance payment of Rs.78.900/- ( Rs.80000-1100) to be given to transporter.
04 December 2019
Thanks for your quick reply
04 December 2019
Sir, if a single freight payment exceeds Rs. 35,000/- and a payment of 10000/- is also made in same month. Whether TDS will be deducted on 35000/- or on 45000/- ?
04 December 2019
If single payment exceeds Rs.35,000/-, then TDS to be deducted for that amount. TDS need not be deducted for Rs.10,000/- as long as the total amount paid or accounted within the threshold limit.
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?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
