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applicability of TDS

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(Querist)
18 November 2010 Advance payment of Rs 50000.00 as Royalty without deducting TDS. IS TDS applicable on this transaction and if yes then what is the amount of tds to be deducted.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
18 November 2010 Yes TDS dedcutible at the time of payment or credit whichever is earlier. If amount being payable then TDS deductible Rs. 5,000/- if already paid then amount to be grossed up and gross amount Rs. 55,556/- and TDS 5,556/-.

TDS deductible @ 10%.
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Sharad Jain

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Sharad Jain (Querist)
18 November 2010 can u plz tell also the section under which dis is covered
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
18 November 2010 Read section 194J read with 195A.
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taxindiaconnect

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taxindiaconnect (Expert)
18 November 2010 Agreed with aditya
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