Tds on freight
This query is : Resolved
26 May 2012
My Client is a Transporter receiving money from respective parties for transporting their goods and paid the freight.
E.g. Rs. 45000 is recd. from the party and paid Rs. 43000 for the frieght for various trucks..
Now the que is what is the liability of my client regarding TDS deduction and regarding the TDS Return is PAN No. of various Transporters are taken?
Is TDS deducted on Rs.43000?
Is In Profit & Loss A/c Gross Receipts shown Rs. 45000 and exp. is shown Rs. 43000?
Please clarify the facts
E.g. Rs. 45000 is recd. from the party and paid Rs. 43000 for the frieght for various trucks..
Now the que is what is the liability of my client regarding TDS deduction and regarding the TDS Return is PAN No. of various Transporters are taken?
Is TDS deducted on Rs.43000?
Is In Profit & Loss A/c Gross Receipts shown Rs. 45000 and exp. is shown Rs. 43000?
Please clarify the facts
26 May 2012
In terms of section 194c of income tax act, no need of tds if PAN is obtained from the transporter .
26 May 2012
yes...
NO TDS DEDUCTED ON TRANSPORTER..IF PAN PROVIDED..
IN CASE NO PAN TDS IS 20% DEDUCTED.
NO TDS DEDUCTED ON TRANSPORTER..IF PAN PROVIDED..
IN CASE NO PAN TDS IS 20% DEDUCTED.
26 May 2012
Is there any service tax liability also?
26 May 2012
1. The transporter will have to obtain PAN from other transporters.
2. The gross receipts shall be Rs. 45,000 and expenses shall be Rs. 43,000.
3. Reverse charge is applicable in this case and service tax will have to be paid. Service tax will be calculated as under:
Freight*25%*12.36%
2. The gross receipts shall be Rs. 45,000 and expenses shall be Rs. 43,000.
3. Reverse charge is applicable in this case and service tax will have to be paid. Service tax will be calculated as under:
Freight*25%*12.36%
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