What is the percentage tds on penalty on storage charges
This query is : Resolved
06 November 2012
Sir,
storage on penalty charges what is the tds percentage whether it should be come at section 194c or 194I,becuase we deducted tds under sectin 194C as contractor, whether it is correct or not
storage on penalty charges what is the tds percentage whether it should be come at section 194c or 194I,becuase we deducted tds under sectin 194C as contractor, whether it is correct or not
06 November 2012
In my opinion TDS should be if at all to be deducted it should be as 194C (Same as on Storage charges), but it should be deducted only if such penalty payment is allowable as expenses under Income Tax Act.
It should be first check if such penalty payment is allowable or disallowable under IT Act.
If disallowable then you should not deduct TDS (as non deduction will not make any disallowance u/s 40(a)).
It should be first check if such penalty payment is allowable or disallowable under IT Act.
If disallowable then you should not deduct TDS (as non deduction will not make any disallowance u/s 40(a)).
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
- STCG....................................................
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
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
