Classic query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 November 2011
Dear Sir,
A & B belongs to same group
1)Co. "A" financed Trucks from Banks (Owned by "A")
2)Firm "B" use it, earn revenue & pay EMI amt to "A"
3) "A" deposit that EMI amt to bank
Que:-
1)How to reflect these transaction in books, if we don't want to show it as rent(in case of rent both Ser. Tax & TDS will be applicable) & (2) if we show it as rent what will be TDS Rate.
Many Thanks:
Rahul
A & B belongs to same group
1)Co. "A" financed Trucks from Banks (Owned by "A")
2)Firm "B" use it, earn revenue & pay EMI amt to "A"
3) "A" deposit that EMI amt to bank
Que:-
1)How to reflect these transaction in books, if we don't want to show it as rent(in case of rent both Ser. Tax & TDS will be applicable) & (2) if we show it as rent what will be TDS Rate.
Many Thanks:
Rahul
15 November 2011
In this given case nature , only can be shown as rent or hire charges from B. Service tax & TDS apply.
Service tax 10.30% on hire charges
TDS 2% on Total bill value (Inclusive of ST) U/s.194I
In some state VAT also apply like this nature of transactions. please check the state VAT provisions also
Service tax 10.30% on hire charges
TDS 2% on Total bill value (Inclusive of ST) U/s.194I
In some state VAT also apply like this nature of transactions. please check the state VAT provisions also
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
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- 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
- Tds on GST in connection with sale to public company
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
