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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 I have paid Loan Pre-payment charges to India Infoline Finance Limited of Rs. 11,23,600/- This amount include Service Tax @ 12.36%.

I have deducted tds on the whole amount for Rs. 1,12,360/-

My question is Whether I should deduct TDS on Rs. 10,00,000/- or on Rs. 11,23,600/-?

If I deduct TDS on Rs. 10,00,000/- then difference amount of Rs. 1,23,600/- whether disallow as per Income Tax Act?

Please do the needful at the earliest.

With Best Regards,

Savan Kasliwal
9922440692

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

26 November 2014 tds is not dedcutible on service tax amount as per circular no 1/2014.

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 Thanks for your fast reply.

As per Circular No. 1/2014 is applicable only for Sec. 194 - I & Sec. 194 - J. However; I have deducted TDS under Sec. 194 - A.

So, in this case this circular is applicable?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

26 November 2014 no, it uses the words tds and not applicable to specific but on all section from sec 192-196D this circular is applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 I had gone through with the Circular No. 1/2014 but I did not found TDS word used. Where it is used TDS word?

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 If I deducted TDS on including Service Tax amount, in this case whether Deductee would suffer any loss?