Income tax
sksubhani (Audit) (37 Points)
22 December 2016
Sudiesh
(Audit Assistant)
(527 Points)
Replied 22 December 2016
sksubhani
(Audit)
(37 Points)
Replied 22 December 2016
Sayee Prem
(Articles)
(181 Points)
Replied 22 December 2016
*TDS provsions does not cover Sales or Purchases.
*In case of Freight
i) If single bill freight value exceeds Rs.30,000/- then TDS @ 1% or 2% or 20% will be applicable (please refer sec194C)
ii) If you deal with the same person and if aggregate freight value exceeds Rs.1,00,000/-(w.e.f:01.06.2016) in a year then TDS will be applicable as per prevailing rates.
Sayee Prem
(Articles)
(181 Points)
Replied 22 December 2016
In books of account, Freight needs to be accounted separately as direct expenses eventhough both the purchase value and freight raised in the same bill. Thus applicability of TDS will be affirmative.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)