TDS Rate Applicable
This query is : Resolved
01 May 2008
A individual's income is job work income from manufacturing of diamonds.He doesnot have any machinery. he gives the same to other individuals for manufacturing.Also he pays assortment charges on contract basis. Whether he is required to deduct TDS u/s. 194C @2% or he can deduct @1% since the person manufactring and doing assortment are sub contractors.
01 May 2008
if he is individual & his total turover/gross receipt is less than 40 lakhs then TDS provision is not applicable
if total turnover/gross receipt is greater than 40 lakhs then tds provison is applicable if you are given labour charge direcly from your goods then tds is 2%+ec+shec or you will collect from others & gives for labour charges to others then TDS is 1%+ec+shec is applicable
if total turnover/gross receipt is greater than 40 lakhs then tds provison is applicable if you are given labour charge direcly from your goods then tds is 2%+ec+shec or you will collect from others & gives for labour charges to others then TDS is 1%+ec+shec is applicable
02 May 2008
I think it is a case of subcontract, so tds will ne done as 1%
02 May 2008
TDS PROV. FOR INDIVIDUALS APPLY ONLY IF HE/SHE CROSSES RS. 40 LAKHS TURNOVER/GROSS RECEIPT P.A LIMIT.
IF APPLICABLE THEN THE TDS RATE FOR SUBCONTRACTOR IS 1% PLUS SURCHARGE IF APPLICABLE AND EDU CESS 3%ON TAX.
R.V.RAO
IF APPLICABLE THEN THE TDS RATE FOR SUBCONTRACTOR IS 1% PLUS SURCHARGE IF APPLICABLE AND EDU CESS 3%ON TAX.
R.V.RAO
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
