TDS ON MACHINERY

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2010 HOW MUCH TDS RATE ON LEASE MACHINE ?

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SUPPLIER CHARGE US LIKE THIS RENT ON MACHINE FOR 6 MONTH 60000/- (10000/- P.M) + 2 % CST 1200/-TOTAL 61200/- OUT OF WE PAID ALREADY WE PAID 30000/- NET PAYMENT REMAIN 31200/- IN THIS SITUATION HOW I HAVE TO DEDUCT TDS???

CA Sanat Pyne

CA Sanat Pyne (Expert)
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20 December 2010 ON 01/07/2010 TDS ON RENT ON PLANT SHOULD BE DEDUCTED IF RENT AMOUNT EXCEEDS RS. 180000/- P.A.
IN YOUR CASE NO TDS WILL BE DEDUCTED.

Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2010 sorry sir actually it was 600000/- lac for 6 month (100000/- per month) + 2 % cst 12000/- total invoice amt 6120000/- out of we paid 300000/- now net payable 312000/- pls advice how much tds we have to deduct as well as how i have to book invoice????

CA Sanat Pyne

CA Sanat Pyne (Expert)
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21 December 2010 FIRST OF ALL I DONT KNOW ,WHY CST HAS BEEN CHARGED ON RENT.SERVICE TAX MAY BE CHARGED ON RENT.
IF IT IS SERVICE TAX THEN DEDUCT TDS @2% ON 6,00,000.(EXCLUDING SERVICE TAX.)

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Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2010 sir it is confirm that supplier charge cst against 2 % c form . can we ask supplier to revised invoice ? moreover for ur info our supplier is from gujarat state while we r in u.t(daman)

CA Sanat Pyne

CA Sanat Pyne (Expert)
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21 December 2010 YOU MAY ASK YOUR SUPPLIER THAT,WHY THEY ARE CHRGING CST.

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