T.D.S Certificate
This query is : Resolved
Suresh M.Moolya
(Querist)
18 September 2010
under section 194J of Income Tax Act this payment is liable for TDS @ 10% + Surcharge + Cess .
For the FY 2010 - 11 the rate of TDS is 11.07%. As is clear, the franchisee need to deduct this income tax & pay to IT Deptt and issue a TDS certificate to Hindalco to that effect.
However, one of our Franchisee has not deducted the TDS & sent the full amt of Rs. 2 lacs .
Kindly let us know what would be the procedure of TDS from our end in this case.
For the FY 2010 - 11 the rate of TDS is 11.07%. As is clear, the franchisee need to deduct this income tax & pay to IT Deptt and issue a TDS certificate to Hindalco to that effect.
However, one of our Franchisee has not deducted the TDS & sent the full amt of Rs. 2 lacs .
Kindly let us know what would be the procedure of TDS from our end in this case.
CMA Ramesh Krishnan
(Expert)
18 September 2010
Sec.194 J rate will be 10% only. there is no surcharge and e.cess applicable
Message likes :
1 times
18 September 2010
Agreed TDS Rate for FY 2010-11 is exclusive of Surcharge and education cess i.e u/s 194 J it is 10%
It is better to deduct tds Rs.200000/- and deposit the same with interst.
And adjust with party at the time of next transaction , if it is one time transaction then request him to return the amount equal to TDS amt.
It is better to deduct tds Rs.200000/- and deposit the same with interst.
And adjust with party at the time of next transaction , if it is one time transaction then request him to return the amount equal to TDS amt.
Message likes :
1 times
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
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
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
