194-c
This query is : Resolved
16 March 2009
respected sir,
x ltd purchased good from y ltd ex-mill freight was to be paid by the x ltd ie purchasing party freight bill amt rs 30000 out of which x ltd got rs 6000 as discount so on which amount tds is to be deducted whether it is deducted on the gross amt ie rs 30000 or on net amt ie rs 24000 plese explain
x ltd purchased good from y ltd ex-mill freight was to be paid by the x ltd ie purchasing party freight bill amt rs 30000 out of which x ltd got rs 6000 as discount so on which amount tds is to be deducted whether it is deducted on the gross amt ie rs 30000 or on net amt ie rs 24000 plese explain
16 March 2009
The amount credited to the party's account.
Since, it is a discount, Rs. 30000/- might have been credited. Hence TDS to be deducted on Rs. 30K.
On the other hand, if X Ltd had deducted the amount of Rs. 6K from the bill itself, the net amount will be credited to the transporter's account. Hence, TDS is to be deducted on 24K only.
Since, it is a discount, Rs. 30000/- might have been credited. Hence TDS to be deducted on Rs. 30K.
On the other hand, if X Ltd had deducted the amount of Rs. 6K from the bill itself, the net amount will be credited to the transporter's account. Hence, TDS is to be deducted on 24K only.
16 March 2009
If X Ltd could get a discount of Rs 6000 and paid in effect Rs 24000 only towards Freight, TDS has to be affected on Rs 24000 only
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- LIABILITY ADJUSTMENT
- Average Cost Of High Quality Diamonds
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
