Tds on gta
This query is : Resolved
05 June 2015
Dear Experts,
Please clarify my queries,
Q.1) One transporter submitted freight invoice in the gross value of Rs.10000/- after deducting late delivery Rs.1000/- net value of invoice Rs.9000/-. Please suggest we have to deduct the tds-2% on gross value or net value.
Q.2) Transporter submitted invoice for Rs.10000/- we have raising separate debit note for Rs.1000/- plase suggest we have to deduct tds on Rs/10000/- or Rs.9000/-
Please clarify my queries,
Q.1) One transporter submitted freight invoice in the gross value of Rs.10000/- after deducting late delivery Rs.1000/- net value of invoice Rs.9000/-. Please suggest we have to deduct the tds-2% on gross value or net value.
Q.2) Transporter submitted invoice for Rs.10000/- we have raising separate debit note for Rs.1000/- plase suggest we have to deduct tds on Rs/10000/- or Rs.9000/-
05 June 2015
In any case, you will book expenses of Rs. 9,000 and will pay him Rs. 9,000 only. Rs. 9,000 is his income and your payment towards provision of service and TDS should be deducted on that.
05 June 2015
Payments to transporters attract Section 194C. Earlier if transporter provided their PAN, TDS was not required to be deducted.
Now there is an amendment in the provisions of section 194C of the Act to expressly provide that the relaxation from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN.
This amendment is applicable from June 1, 2015.
Now there is an amendment in the provisions of section 194C of the Act to expressly provide that the relaxation from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN.
This amendment is applicable from June 1, 2015.
05 June 2015
Further when you are required to deduct TDS u/s 194C check whether the threshold limit of 194C is being crossed which is:
Rs 30000/- single bill/payment
Rs 75000/- annual total
Rs 30000/- single bill/payment
Rs 75000/- annual total
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- LIC maturity claim whether taxable
- Journal entry of busniess expenses
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
