tds on inwardfreight
This query is : Resolved
balasundaram
(Querist)
03 March 2008
we have purchased steel. the billing pattern as follow.
Commodity Rs.
steel 1000000
Freight charges 25000
loading charges 1000
Vat @4% 41040
total 1067040
Q1. if No transport (LR copy) copy has been given
Q2. if Transpot copy has been give
what is the applicable TDS in above cases
Q3. we have posted entry in our books as follow.
particulars Dr. Cr.
Steel a/c 1001000
Inward Freight 25000
Vat 41040
Party 'x' 1067040
note: we have separated freight charges towards service tax calculation
please clarify the above queries
thank you sir
with regards.
balu
Commodity Rs.
steel 1000000
Freight charges 25000
loading charges 1000
Vat @4% 41040
total 1067040
Q1. if No transport (LR copy) copy has been given
Q2. if Transpot copy has been give
what is the applicable TDS in above cases
Q3. we have posted entry in our books as follow.
particulars Dr. Cr.
Steel a/c 1001000
Inward Freight 25000
Vat 41040
Party 'x' 1067040
note: we have separated freight charges towards service tax calculation
please clarify the above queries
thank you sir
with regards.
balu
CA Hemant T Dewani
(Expert)
03 March 2008
if you paid freight seperaely then you will deduct tax but in the above case manufacturer charged transport in the bill then you are not liable to deduct tds
in service tax you are liable to pay the tax after abatement
in service tax you are liable to pay the tax after abatement
03 March 2008
IF CHARGED IN BILL THAN NOT LIABLE TO DEDUCT TDS ,IF OTHERWISE THAN LIABLE TO DEDUCT TDS
03 March 2008
In above case fright charges has been charged th. Bill and you have reimbursement of fright charges so TDS would not be deducted . Because LR not paid by us.
In case of service tax the liablity will be arise due to LR payment indirectely paid by you. So if the LR has charged already Service tax at the time of LR payment then none of liablity would be arise
In case of service tax the liablity will be arise due to LR payment indirectely paid by you. So if the LR has charged already Service tax at the time of LR payment then none of liablity would be arise
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