income tax TDS on LFR paid to IOC
Jagadish Hiremath (13 Points)
27 April 2018
under which section TDS is to be deducted for debit made towards License fee recovery to IOC for Mar18
Jagadish Hiremath (13 Points)
27 April 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167452 Points)
Replied 27 April 2018
TDS on License Fees will be deducted @ 10% u/s 194J.
Mansi devani
(CA)
(73 Points)
Replied 08 May 2018
I have also one client having Petrol Pump. IOC charged LFR (License Fees Recovery) Charges in Invoice. Is there any TDS provision on LFR charges. I have one circular received from petrolium association Which is attached. In that, It is specify rate of 2 % and 10% accordingly SIte A and B. If its deducted TDS, then under which section of TDS.?? Please help me soon.
Read more at: https://www.caclubindia.com/forum/tds-on-lfr-on-petrolium-product-461264.asp
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167452 Points)
Replied 08 May 2018
Though the license Fees falls under section 194J; but here, it should be u/s. 194-I .
As 'A' sites are outlets where the land is owned or leased by the OMCs
Dealers at 'B' sites own or lease the land and building, but Equipment is owned by the OMCs.
kotesh
(RAM)
(22 Points)
Replied 11 September 2018
Sir, thanks for the reply, so please do let me know when our client who is dealer for BPCL, needs to deduct TDS @ 10% on LFR?
Prashant Khandelwal
(2 Points)
Replied 13 June 2019
Shrikant Gawhane
(2 Points)
Replied 02 November 2022
TDS ON LFR SHOULD BE DEDUCTED @ 2% UNDER SEC 194-IA IF THE PETROL PUMP IS OWNED BY THE DEALER ITSELF, OTHERWISE 10%.
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