TDS - Surcharge Is it respective of Sections?
This query is : Resolved
15 May 2008
Suppose i am an assessee, having transactions with a Vendor ABC. Some transactions of the vendor falls under section 194 (C) and some others fall under Sec 194 J. I regularly deduct TDS.
Suppose i have transactions worth Rs.6 lacs under sec.194 (C) and another Rs.5 lacs under Sec.194 J with the same vendor?
Am i required to deduct Surcharge on TDS on all future transactions, since the cumulative transactions with the vendor has crossed 10 lacs?
Or should i wait for the transaction amounts to exceed Rs.10 lacs under each section, to deduct Surcharge on TDS.
Can any one please clarify? I would really appreciate it.
Suppose i have transactions worth Rs.6 lacs under sec.194 (C) and another Rs.5 lacs under Sec.194 J with the same vendor?
Am i required to deduct Surcharge on TDS on all future transactions, since the cumulative transactions with the vendor has crossed 10 lacs?
Or should i wait for the transaction amounts to exceed Rs.10 lacs under each section, to deduct Surcharge on TDS.
Can any one please clarify? I would really appreciate it.
15 May 2008
in my opinion, surcharge is assesse-specific not the section-specific, you will have to charge surcharge if total payment to a contractor exceeds 10 lacs.
16 May 2008
if you are paying Rs.10 Lakhs or more in a perticular f y to any individual then surcharge is to be deducted because payments are in excess of rs 10 lakhs it is not important payments are made in different sections
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
- House Property Reporting in ITR
- TDS Claim year
- TDS Challan Code
- Relief u/s Section 89
- Rent lease agreement
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- CCFS 2026 Schemed
- Entries in AIS regarding sale of units and shares
- Merchant Export Accounting
- Lease agreement and tax on sale
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
