Tds on cancellation charges
This query is : Resolved
18 January 2013
we have take part in Imtex bangalore exhibition.But due to some reason we are not participate & cancle the agreement. But for that we have to paid cancellation charges.whether tds applicable on cancellation charges. pls guide
chetan soni
(Expert)
18 January 2013
tds deduction does not do seperation between cancellation charges or participation charges. The payment is arise on account of contract between you & the organisor, so in my view the tds provisions will apply.
CA PARAS BAFNA
(Expert)
19 January 2013
I agree with Chetan Soni. You have to deduct TDS U/s 194C @ 2%.
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