Application of tds
This query is : Open
11 February 2016
Have a query on what amount TDS will be us 194C under the following scenario -
Paper Cost - 189000.00
labour charges for 47250.00
Vat on paper 5%. 9450.00
total bill 245700.00
my question is in the above situation what amount TDS under income tax act u/s 194c will be deducted.
pls advice
11 February 2016
TDS will be applicable @ 1% on 47250/- if supplier is Individual / HUF and
TDS will be applicable @ 2% on 47250/- if supplier is Company / Firm / Co-operative Soc / Local Authority.
It is assumed that labour charges does not include Service Tax.
It is also advisable to obtain separate invoice for Paper cost & Labour charges.
TDS will be applicable @ 2% on 47250/- if supplier is Company / Firm / Co-operative Soc / Local Authority.
It is assumed that labour charges does not include Service Tax.
It is also advisable to obtain separate invoice for Paper cost & Labour charges.
15 February 2016
Thank you Sir for your inputs. Have one query if the bills are not separate and vendor have charged both material and labour cost separately with Vat on material. kindly advise in this situation we deduct tax only on the labour cost.
15 February 2016
Thank you Sir for your inputs.
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