sreenu (accountant) (72 Points)
11 June 2008ours is a propritory concern and placing an order for AMC of scanning machine for Rs.40,000 plus service tax of 12.36%. my question 1) whether it attract TDS? if so under which section, 2) TDS deduction on gross bill or only on 40000/-. kindly clarify friends.
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 12 June 2008
The above said transaction is covered under contract and hence TDS need to be deducted. The relevant section for TDS is 194C @ 2.266%.
TDS should be deducted on the amount of bill i-e. gross bill including service tax.
CA. Gurdeep Singh Chawla
(C A)
(7080 Points)
Replied 12 June 2008
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