LALIT KUMAT (MBA) (25 Points)
06 July 2015We are running a partnership firm. There is a bill of advertisement in newspaper of Rs. 91,100.
Basic amount :- Rs. 1,00,000
less discount :- Rs. 11,000
Service Tax:- Rs. 2,100
Grand Amount:- Rs. 91,100
Bill is raised by Private Limited company. Here my question is how much we need to deduct as a TDS (2% or 1%) and on what amount.
Kumar Gaurav
(Going...to be C.A soon...)
(1624 Points)
Replied 06 July 2015
Since, amount exceeds the limit hence tds will be applicable @ 2% on 89,000/- only ( exclusding S.Tax) if it is shown separately.
Sharad Lunia
(2 Points)
Replied 17 March 2020
TDS Deduction for Newspapers in India is applied at 1% when payable to an advertising agency. We have been following this protocol across our client base - for all print newspaper ads across Times of India, Hindustan Times, The Hindu etc.
Hope this helps.
Sharad
www.releasemyad.com
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
