Tds
This query is : Resolved
preet prakash
(Querist)
25 June 2013
Dear Caclubindia
1. one of my client has provided service for machinery repairs & installation. he falls under which section 194 C or 194 J
2.what is a/c head for bank loan processing fees of 9 lacs .
3.monthly payment made to enginner on site shld b salary/ wages / prof.fees a/c
thnx
1. one of my client has provided service for machinery repairs & installation. he falls under which section 194 C or 194 J
2.what is a/c head for bank loan processing fees of 9 lacs .
3.monthly payment made to enginner on site shld b salary/ wages / prof.fees a/c
thnx
CA Kapil Verma
(Expert)
25 June 2013
1. If machinery repair & installation is a part of AMC contract then sec 194C.
2. you can make separate head or can put it in Financial Charges Bank.
3. If engineer is permanently work for your company and do not work for other , then its a salaried employee.
2. you can make separate head or can put it in Financial Charges Bank.
3. If engineer is permanently work for your company and do not work for other , then its a salaried employee.
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25 June 2013
1) Sec 194C will be attracted
2) Show as Processing Fees it will form part of Finance Charges. TDS not required to be deducted on this payment.
3) Depends on the nature of service. If he is providing service in the capacity of a consultant then show it as professional fees deducting TDS u/s 194J. If he is working as an employee (Be it permanent or contractual) show the amount as Salary deduction TDS u/s 192.
2) Show as Processing Fees it will form part of Finance Charges. TDS not required to be deducted on this payment.
3) Depends on the nature of service. If he is providing service in the capacity of a consultant then show it as professional fees deducting TDS u/s 194J. If he is working as an employee (Be it permanent or contractual) show the amount as Salary deduction TDS u/s 192.
preet prakash
(Querist)
25 June 2013
the person is neither possessing a degree nor does he have a contract with a co., but he has the knowledge of reparing machineries. amount is 50000/-p.a.u/s 194 J / C is applicable
25 June 2013
Section 194C will be applicable. TDS not required to be deducted since the amount is below the threshold limit of Rs 75000/- p.a.
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