People also ask Is TDS applicable on Container Corporation of India?
This query is : Resolved
08 August 2022
Sir I have one question that TDS applicable on container corporation of india if yes then which section apply
06 July 2024
Yes, TDS (Tax Deducted at Source) can be applicable on payments made to Container Corporation of India (CONCOR), depending on the nature of the payment. Here are the relevant sections under which TDS may apply:
1. Section 194C - Payments to Contractors/Sub-contractors:
• If you make payments to CONCOR for any work contract or subcontract exceeding specified limits, TDS under Section 194C may apply. This section typically applies to payments for services rendered by contractors, including payments to government entities like CONCOR.
2. Section 194H - Commission or Brokerage Payments:
• If payments made to CONCOR are in the nature of commission or brokerage, TDS under Section 194H may be applicable. However, this is less common for transactions involving government entities.
3. Section 194-I - Rent Payments:
• If you are paying rent to CONCOR for any leased properties, TDS under Section 194-I may apply. This section covers TDS on rental payments exceeding specified limits.
Key Points to Consider:
• Threshold Limits: TDS under these sections applies if the payment exceeds specified threshold limits as per Income Tax rules.
• Rate of TDS: The applicable rate of TDS varies depending on the section under which TDS is deducted.
• TDS Deduction and Compliance: It is important to deduct TDS at the correct rate and deposit it to the government treasury within the prescribed timelines to avoid penalties and interest.
1. Section 194C - Payments to Contractors/Sub-contractors:
• If you make payments to CONCOR for any work contract or subcontract exceeding specified limits, TDS under Section 194C may apply. This section typically applies to payments for services rendered by contractors, including payments to government entities like CONCOR.
2. Section 194H - Commission or Brokerage Payments:
• If payments made to CONCOR are in the nature of commission or brokerage, TDS under Section 194H may be applicable. However, this is less common for transactions involving government entities.
3. Section 194-I - Rent Payments:
• If you are paying rent to CONCOR for any leased properties, TDS under Section 194-I may apply. This section covers TDS on rental payments exceeding specified limits.
Key Points to Consider:
• Threshold Limits: TDS under these sections applies if the payment exceeds specified threshold limits as per Income Tax rules.
• Rate of TDS: The applicable rate of TDS varies depending on the section under which TDS is deducted.
• TDS Deduction and Compliance: It is important to deduct TDS at the correct rate and deposit it to the government treasury within the prescribed timelines to avoid penalties and interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- GST not cancelled by tenant
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
