Tds on debit note
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2012
We have a problem in tds. we are contractor and we raise bill on company and company less its amount by charge DEBIT NOTE for crain hire charge.
So we are require to deduct TDS on such debit note amount in 194C or not.
If yes then what amount ?
So we are require to deduct TDS on such debit note amount in 194C or not.
If yes then what amount ?
deepali agarwal
(Expert)
19 September 2012
yes u r liable to deduct TDS in case u r a firm u need to deduct TDS at the reate of 2% n if u r an individual than deduct 1%
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CA PARTH SHAH
(Expert)
19 September 2012
YES.TDS NEED TO BE DEDUCTED AS COMPANY AS ACCORDING TO THE RULES TDS IS TO BE DEDUCTED on the invoice date or payment date whichever earlier. Morever company is debing your account as it is paying crane hire charges on your behalf. So TDS has to be deducted on full bill value
Message likes :
1 times
13 May 2013
deduct t.d.s. 2% u/s 194I (rent of plant and machinery)on hire charges
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