Tds
This query is : Resolved
28 September 2011
HI, I WANT TO KNOW THE PROCESS TO CHANGE THE SEC OF TDS AFTER FILLING IT.
AND AMC CHARGES ,TDS @ 10 % WILL BE DEDUCTED UNDER RENT OR CONTRACTOR .
THNXX!!!
AND AMC CHARGES ,TDS @ 10 % WILL BE DEDUCTED UNDER RENT OR CONTRACTOR .
THNXX!!!
28 September 2011
For change in Section of paid TDS pls. refer circular for "New Procedure of Income Tax payment challan correction by banks (for physical challans) from 1st September 2011".
The Central Board of Direct Taxes(CBDT) has clarified the issue vide Circula No. 715 dated 08-08-1995. The relevant portion is quoted below. "Routine, normal maintenance contracts which include supply of spares will be covered under section 194C. However, where technical services are rendered, the provision of section 194J will apply in regard to tax deduction at source." Hence Annual Maintenance Contracts(AMC) are liable to TDS. Whether Section 194C or Section 194J is attracted is to be deduced from the nature of the contract.
The Central Board of Direct Taxes(CBDT) has clarified the issue vide Circula No. 715 dated 08-08-1995. The relevant portion is quoted below. "Routine, normal maintenance contracts which include supply of spares will be covered under section 194C. However, where technical services are rendered, the provision of section 194J will apply in regard to tax deduction at source." Hence Annual Maintenance Contracts(AMC) are liable to TDS. Whether Section 194C or Section 194J is attracted is to be deduced from the nature of the contract.
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