Tds on shipping line business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2015
whether TDS will be deducted on shipping line business or not if not deducted please mention reason why TDS is not deducted on shiopping line business.
CA Kumar Mukesh
(Expert)
21 October 2015
Hi ....
As per Section 196 following persons are exempt from TDS provisions
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
Therefore, no specific exemption is given to Shipping line business
Thank you
As per Section 196 following persons are exempt from TDS provisions
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
Therefore, no specific exemption is given to Shipping line business
Thank you
21 October 2015
https://www.caclubindia.com/experts/tds-on-freight-1997569.asp
Please refer reply given at above link for more details.
Please refer reply given at above link for more details.
CA Kumar Mukesh
(Expert)
23 October 2015
Further, Normally Shipping line assesses holds exemption certificate issued u/s 197.
This is also is main reason why normally TDS is not deducted in such cases. But it would be wrong to say TDS provisions are not applicable to them ..
Thank you...
This is also is main reason why normally TDS is not deducted in such cases. But it would be wrong to say TDS provisions are not applicable to them ..
Thank you...
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