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Tds

mohd hafeez (CA FINAL STUDENT) (88 Points)

04 March 2016

freight pr kis section me tds deductible hai

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7 Replies

Rahul Patidar (student) (70 Points)
Replied 04 March 2016

under section 194C for contractor

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MANU SINGH RATHORE (TAX PRACTIONER) (37 Points)
Replied 04 March 2016

only 195 section of income tax.

AJAY KUMAR JAIN (SERVICE) (101 Points)
Replied 04 March 2016

TDS on Freight is applicable U/S 94C

gopal (article) (21 Points)
Replied 04 March 2016

Freight is covered under the defination of contract as per section 194 c so section 194c

bipinchandra (article) (60 Points)
Replied 05 March 2016

dear senior

t present no tax needs to be deducted by your client if u have furnished PAN. W.e.f. June 2015, u r required to give declaration (refer above link), in which case no TDS else it is applicable. If not, TDS 1% is deductible as it is a proprietorship concern. In any case, since it is a proprietorship concern, payer needs to deduct 1% tax only (not 2%) even at present. You need to apply same provisions when u pay freight charges. Suppose you are not able to get back the tax already deducted, u can also claim the same while filing IT return.

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vipin patole (Self Employed) (72 Points)
Replied 05 March 2016

Mr. Hafeez,

TDS is required to be deducted u/s 194C @ 1% if payee is Individual or HUF in other case it is 2%.

Also on or after 01/06/2015

if payee does not own more than 10 goods carriage at any time during the year and payee furnish declaration for the same and furnishes his permanent account number then no tax is required to be deducted.

Before 01/06/2015

Payee only required to furnish Pan to avail this benefit.