Generally for companies ( Deductee) we deduct 2% Tds &
Individual & HUFs : 1% Tds
What is the rate of Tds for Partnership firms , AOP , BOI etc ?
15 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 05 March 2022
It's 2% only , if no PAN 20% , please confirm from Income tax act .
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 05 March 2022
If Tds applicable to partnership firm under section 194C is 2% then it will come under non corporate deductee.
But while making the tds payment only two categories of deductees : Corporate & non corporate.
So rate of Tds also should be in two categories
But while making the tds payment only two categories of deductees : Corporate & non corporate.
So rate of Tds also should be in two categories
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 05 March 2022
But in the Income tax act , words used ," other than Individual and HUF rate is 2% no pan 20%."just confirm .
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 05 March 2022
Then payment should also be inline with above ..
Deduction says Individual , Huf & other than these
But payment says Company deductees & non company deductees.
So both are travelling in different boats
Deduction says Individual , Huf & other than these
But payment says Company deductees & non company deductees.
So both are travelling in different boats
CA Surya Sekar
(CFO )
(1347 Points)
Replied 05 March 2022
Pay Section wise and utilise it ..It's not a barrier in Tds filing . It just ask the Tds Section in Tds filing..
If possible bifurcate the tds under company & non company deductees
If possible bifurcate the tds under company & non company deductees
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 05 March 2022
Still deduction & payment are travelling in different boats
CA Surya Sekar
(CFO )
(1347 Points)
Replied 06 March 2022
Take one boat ⛵ and keep deduction and payments in the same boat by segregating into corporate & non corporate .
Else you may write a mail to ministry of finance
Else you may write a mail to ministry of finance
sabyasachi mukherjee
(27574 Points)
Replied 06 March 2022
There is no point in writing any mail to ministry of finance.lets confirm the tds for partnership , aop and Boi.
AOP-FOR BANK INTEREST 30%
OTHER THAN BANK INTEREST CAPITAL GAIN 20%
Boi-payment of interest remuneration to members-,maximum marginal rate of income.
partnership-cbdt has directed the assessing officer
expenditure claimed by way of interest on capital to working partners should be cross verified with the returns.
where the net result of computation of income of a firm is loss it shall be carried forward in accordance with sec 72.
AOP-FOR BANK INTEREST 30%
OTHER THAN BANK INTEREST CAPITAL GAIN 20%
Boi-payment of interest remuneration to members-,maximum marginal rate of income.
partnership-cbdt has directed the assessing officer
expenditure claimed by way of interest on capital to working partners should be cross verified with the returns.
where the net result of computation of income of a firm is loss it shall be carried forward in accordance with sec 72.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
Question is relating to Section 194C rate of Tds : Non corporate deductees .
Is there in relevance of interest in 194C ?
Is there in relevance of interest in 194C ?
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
I have not seen tds on interest in 194C.
The question is relating to 194C.Why interest come into picture..
Check Tds challan format once , you will know what Iam asking ?
The question is relating to 194C.Why interest come into picture..
Check Tds challan format once , you will know what Iam asking ?
sabyasachi mukherjee
(27574 Points)
Replied 07 March 2022
Sec 194 C is for deduction of tax at source for work assigned to contractors and subcontractors.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 07 March 2022
Question is for deduction & payment under 194C.. Somebody quoted interest and capital gain
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 07 March 2022
2%
Rate Of TDS As Per Section 194C
TDS of 2% of the amount will be deducted from any payments or credits made to any party other than resident individuals or Hindu Undivided Families (HUFs) No TDS will be deducted from any payments or credits made to any transporters.
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