tds on transportation
This query is : Resolved
06 March 2018
Dear sir,
our company transported through cargo ship from Port Blair to Chennai , we have received the invoice for transportation of material amounted Rs.26,599/-.
My query is, any TDS will deduct on this invoice or not. and what is limit for TDS on Transportation & % ?
our company transported through cargo ship from Port Blair to Chennai , we have received the invoice for transportation of material amounted Rs.26,599/-.
My query is, any TDS will deduct on this invoice or not. and what is limit for TDS on Transportation & % ?
06 March 2018
Contract amount below specified limits
Amount of any single sum credited or paid doesn’t exceed Rs. 30,000
Aggregate amount of such sums credited or paid doesn’t exceed and doesn’t likely to exceeds Rs. 75,000 (Rs. 1 Lakh from financial year 2016-17)
Payment or credit to transporter for transportation
If recipient is a transport operator and he furnishes PAN to the deductor then TDS is not to be deducted. Such deductors will be required to intimate these PAN details to the Income tax Department in the prescribed format. Transport operators who owns ten or less goods carriages at any time during the financial year is allowed such exemption. Transport operator has to furnish a declaration to this effect to the person paying him to get such exemption from deducting TDS.
Amount of any single sum credited or paid doesn’t exceed Rs. 30,000
Aggregate amount of such sums credited or paid doesn’t exceed and doesn’t likely to exceeds Rs. 75,000 (Rs. 1 Lakh from financial year 2016-17)
Payment or credit to transporter for transportation
If recipient is a transport operator and he furnishes PAN to the deductor then TDS is not to be deducted. Such deductors will be required to intimate these PAN details to the Income tax Department in the prescribed format. Transport operators who owns ten or less goods carriages at any time during the financial year is allowed such exemption. Transport operator has to furnish a declaration to this effect to the person paying him to get such exemption from deducting TDS.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- GST Reverse
- Two seprate Invoice needed
- Director payment
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Refund of 20%pre-deposit paid for stay application
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
