Sec -194d
This query is : Resolved
A.JAGADEEP
(Querist)
02 August 2013
TDS On Insurance brokerage under Income tax act Sec-194D.
Whether TDS should be deducted including Service Tax or Excluding Service Tax.
Pls reply me sir, Urgent..........
Whether TDS should be deducted including Service Tax or Excluding Service Tax.
Pls reply me sir, Urgent..........
CA UMESH DULAL
(Expert)
02 August 2013
in total invoice amount. i.e. service tax is to be taken into consideration.
A.JAGADEEP
(Querist)
02 August 2013
Sir can you please send me the provision of the act.
CA UMESH DULAL
(Expert)
02 August 2013
no deduction where commission is less than 5000
02 August 2013
if the amount exceeds Rs.5,000 then sec 194-D is case of brokerage income is applicable.
Deduct tds on gross amount including service tax charged.
Deduct tds on gross amount including service tax charged.
A.JAGADEEP
(Querist)
02 August 2013
In which case Tds should be deducted excluding Service Tax amount??
02 August 2013
suppose amount is 5,000 and ser tax is 100 then you should deduct on 5,100 (gross).
CA UMESH DULAL
(Expert)
02 August 2013
TDS is to be dedected on gross amount (i.e.commission+service tax)
A.JAGADEEP
(Querist)
02 August 2013
I mean that to which sections in IT Act, Tds should be deducted excluding TDS and in which sections TDS should deduct including TDS.
CA UMESH DULAL
(Expert)
02 August 2013
There is no such section which excludes service tax from gross receipts
A.JAGADEEP
(Querist)
02 August 2013
Sec-194I permits deduction of TDS Excluding TDS???
CA UMESH DULAL
(Expert)
02 August 2013
TDS has to be deducted on gross amount in every section of income tax.
02 August 2013
where in sec 194I it is written to exclude service tax specifically.
A.JAGADEEP
(Querist)
02 August 2013
see circular no: 4/2008 which given by CBDT
02 August 2013
As a corollary to CBDT Circular 4/2008, income tax has to be deducted u/s 194D on the figure inclusive of service tax.
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