Tds u/s 194c or u/s 194j
This query is : Resolved
07 October 2011
I would like to know the rate @ which Tax is to be deducted in case of Erection/installation/commissioning of Capex goods like Plant & Machineryor otherwise, in case where there is a specific agreement or contract & in case where there is an absence of agreement.
Whether in case of specific agreement it falls under "Works Contract" u/s.194C or U/s.194J.
In the same way in absence of any agreement, same would be deducted u/s.194C or 194J.
Kindly focus on this issue and oblige.
Whether in case of specific agreement it falls under "Works Contract" u/s.194C or U/s.194J.
In the same way in absence of any agreement, same would be deducted u/s.194C or 194J.
Kindly focus on this issue and oblige.
07 October 2011
Erection, Installation and commissioning is covered by section 194C.
194J is not applicable.
There are some notified services stated u/s 194J.
1] Medical
2] Lawyer
3] Audit
4] Interior Design
5] Technical Consultancy
6] Manpower recruitment
7] Architect.
Service in question is not covered under above seven services.
So 194C will apply.
194J is not applicable.
There are some notified services stated u/s 194J.
1] Medical
2] Lawyer
3] Audit
4] Interior Design
5] Technical Consultancy
6] Manpower recruitment
7] Architect.
Service in question is not covered under above seven services.
So 194C will apply.
07 October 2011
In this case section 194C will be attracted and you will be liable to deduct TDS at the following rates:
1. 1% where payment is being made to Individual or HUF.
2. 2% where payment is being made to any other entity.
3. 20% , if PAN is not quoted by the deductee.
The specific agreement or absence of agreement will not alter the nature and substance of transaction.
Regards
CA. Chitresh Gupta
1. 1% where payment is being made to Individual or HUF.
2. 2% where payment is being made to any other entity.
3. 20% , if PAN is not quoted by the deductee.
The specific agreement or absence of agreement will not alter the nature and substance of transaction.
Regards
CA. Chitresh Gupta
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