Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2013
Dear Sir/Madam,
I am having one doubt in TDS on Handling Charges.
We are supposed to deduct TDS on Handling charges @ rate of 2% or 1% under 194C depend up on the status.
My Query is as per 194C cutoff is 30,000 as per the TDS Chart for FY 13-14. & they they given the note as Yearly limit u/s 94C where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractors or Subcontractors exceeds Rs.75,000/-during the financial year TDS has to be deducted u/s 194C I cant able to understand this. Can any explain this with an example? (In my case Handling charges went to Rs.78,000/- I want to deduct TDS for 78,000-70,000 = 8,000 or I want to Deducted TDS for 78,000 itself) If I deducted now means any Interest will come. Pls help me
I am having one doubt in TDS on Handling Charges.
We are supposed to deduct TDS on Handling charges @ rate of 2% or 1% under 194C depend up on the status.
My Query is as per 194C cutoff is 30,000 as per the TDS Chart for FY 13-14. & they they given the note as Yearly limit u/s 94C where the aggregate of the amounts paid/credited or likely to be paid/credited to Contractors or Subcontractors exceeds Rs.75,000/-during the financial year TDS has to be deducted u/s 194C I cant able to understand this. Can any explain this with an example? (In my case Handling charges went to Rs.78,000/- I want to deduct TDS for 78,000-70,000 = 8,000 or I want to Deducted TDS for 78,000 itself) If I deducted now means any Interest will come. Pls help me
CA PARAS BAFNA
(Expert)
26 November 2013
As and when no TDS is deducted on such transactions, the amount paid has to be shown in the e-tds return by showing 0 TDS.
You have to specify that the said amount paid/credited is below threshold limit.
.
As you have not shown the same, now you may
have to show the amount Paid as Rs. 78000 and have to deduct TDS on Rs. 78000.
.
Since ,earlier the amount was below threshold limit, interest is not applicable.
.
You have to specify that the said amount paid/credited is below threshold limit.
.
As you have not shown the same, now you may
have to show the amount Paid as Rs. 78000 and have to deduct TDS on Rs. 78000.
.
Since ,earlier the amount was below threshold limit, interest is not applicable.
.
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