CA SUBBIAH K (SENIOR MANAGER - F&A) (105 Points)
22 July 2008As per the provisions of S.194C - if the payment exceeds Rs.20,000/- or the aggregate of payment during the financial year exceeds Rs.50000/-, TDS to be deducted on the prescribed percentage.
My Questions are
1) Whether the "PAYMENT PERTAINING TO THE PARTY (Receiver) or PERTAINING TO THE AGREEMENT"?
2) If the "PAYMENT" relates to a agreement, shall i make new agreement every time and avoid the deduction of tax?
Akalesh S Rawat
(Job)
(98 Points)
Replied 22 July 2008
Its payment pertaining to Party...not as per agreement.
SANTHIPRIYA S
(Student)
(64 Points)
Replied 22 July 2008
It talks only about the payment made to the contractor
CA SUBBIAH K
(SENIOR MANAGER - F&A)
(105 Points)
Replied 25 July 2008
| Originally posted by :Guest | ||
| " | We are footwear exports, we are paying air & sea freight for shipment, please confirm tds is applicable for air & SEA freight, If tds applicable, please provide SEC & rates as applicable |
" |
Yes. You have to deduct TDS U/S.194C ( TDS on Contract) @ 2% + Surcharge @ 10% (if applicable) + Edu. Cess @ 3%
VIVEK
(PCC)
(35 Points)
Replied 23 June 2009
| Originally posted by :SUBBIAH K | ||
| " |
i want to know that i am goods transport service agent and i want to know that i make a contract with party to take goods to nepal and i hire a truck from outside to take the goods to airport i deduct tds under sub-contract and then when i make payment to air freight provider i dect tds under contract. i am doing correct or wrong? help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! |
" |
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 23 June 2009
As per Sec. 194 C, the TDS should be calculated as per amount payable to the contractor at the end of the year.... that is PAYMENT PERTAINING TO THE PARTY..
Sreepriya
(Article)
(25 Points)
Replied 24 May 2010
Whether TDS is applicable for air freight and sea freight for AY 2010-11? if yes at what rate.
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 24 May 2010
| Originally posted by : Sreepriya | ||
 |
Whether TDS is applicable for air freight and sea freight for AY 2010-11? if yes at what rate. |
 |
TDS is applicable for air freight and sea freight if one time payment is more than Rs. 20,000 and in agrregate more than Rs. 50,000. The rate of TDS will be 1% in case of HUF and individual and 2% in other cases.
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