Is TDS should be deducted from ocean freight paid to shipping company..?
Thanks
ksh*tij
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 26 February 2008
CA. Kirti S. Ganatra
(Service)
(1461 Points)
Replied 26 February 2008
MARUTI INDUSTRIES
(BUSINESS)
(34 Points)
Replied 04 August 2008
Deduction of TDS is applicable on payment made for ocean freight and other charges like THC, B/L Chg. and repo charges charges in bill received from shipping company for export goods.
Deepak Sharma
(Service & C.A. Final student)
(32 Points)
Replied 27 August 2008
Originally posted by :ksh*tij | ||
" |
Is TDS should be deducted from ocean freight paid to shipping company..? No There is no provision to deduct TDS on Ocean Freight , (including THC charges also because THC charges is a part of the Ocean freight ) Please Refer Section 172 of the IT Act. |
" |
Vijay
(Service)
(78 Points)
Replied 02 September 2008
If Wrongly i can not deduct TDS in 2007-2008 , then can i deduct TDS on same in 2008-2009. Please tell me process for the same & what is the E TDS requirements for the same ?
Bhageshwar Mishra
(Service)
(24 Points)
Replied 03 October 2008
define job work under income tax act?
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 08 November 2008
Originally posted by :Guest | ||
" | If Wrongly i can not deduct TDS in 2007-2008 , then can i deduct TDS on same in 2008-2009. Please tell me process for the same & what is the E TDS requirements for the same ? |
" |
Dear Mr.Vijay,
Yes, you can deduct and pay TDS to government in subsequent year (with penal interest)
You just need to fill Form ITNS 281and pay with Banker (E-payment if applicable)
After payment of TDS, you need to file E-TDS Quarterly Return Revised/Correction statement for the quarter in which the payment or credit entry was made.
Regards
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 08 November 2008
Originally posted by :Guest | ||
" | I need advice on following issues: 1.If I deposit 75crores in bank for 5years,quarterly compounding in my company (proprietorship) name, when they will deduct TDS? At the end of 5 years? Or every financial year? Or every quarter(since the interest is more than 10000rs/quarter)? 2.How much they will deduct? Please guide me |
" |
Dear Mr. K. Prabhu.
TDS will be deducted on the date of Credit of interest (Quarterly) as the amount of concern interest is exceeding the threshhold limit of Rs. 10000/-
The rate of TDS will be 10% for Tax + 10% for Surcharge + 3% for Education & Higher Secondary Edcuation Cess suming upto 11.33%
Regards
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India