Works Contract
This query is : Resolved
09 August 2010
Can any 1 explain provisions of qorks contract applicable for FY 2009-10?Also the rate apllicable.
Urgent pls
Urgent pls
09 August 2010
Not a clear question.
If ur query is related to Section 194C then it means as under:
(iv) work shall include
(a) advertising;
(b) broadcasting and telecasting including production of programmes for such broadcasting or telecasting;
(c) carriage of goods or passengers by any mode of transport other than by railways;
(d) catering;
(e) manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer,
but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.]
If ur query is related to Section 194C then it means as under:
(iv) work shall include
(a) advertising;
(b) broadcasting and telecasting including production of programmes for such broadcasting or telecasting;
(c) carriage of goods or passengers by any mode of transport other than by railways;
(d) catering;
(e) manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer,
but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.]
09 August 2010
In case of aluminium trading co's, they used to putchase material & hire labour charges for colouring the aluminium sheets protecting it from getting blackening.This is known as anodising charges.Is TDS to be deducted on the anodising charges?
09 August 2010
It is works contract and hence liable for TDS.
09 August 2010
The company has incurred around 50 lacs as anodising charges.At what rate TDs is to be deducted?Pls help?
09 August 2010
U will be covered under manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer.
TDS deductible u/s 194C - 2% in case of companies & Firms & 1% in case of indiviauls & HUF.
TDS deductible u/s 194C - 2% in case of companies & Firms & 1% in case of indiviauls & HUF.
09 August 2010
When is TDs to be deducted?Whats the limit?
09 August 2010
TDS to be deducted at the time of payment or credit whichever is earlier.
If TDS not deducted in time then interest leviable on the same.
In case TDS deducted on not deposite then interest @ 1.5% p. m. applicable w. e. f. 01.07.2010. (before 01.07.2010 interest @ 1% p. m.)
In case TDS has not been deducted then interest from date of payment / credit till the date of deduction @ 1% p. m.
If TDS not deducted in time then interest leviable on the same.
In case TDS deducted on not deposite then interest @ 1.5% p. m. applicable w. e. f. 01.07.2010. (before 01.07.2010 interest @ 1% p. m.)
In case TDS has not been deducted then interest from date of payment / credit till the date of deduction @ 1% p. m.
09 August 2010
If the party has provided the PAN, does TDS to be deducted after 1.10.2009?
09 August 2010
The limit of Rs.20,000 and Rs.50,000 is also applicable for works contract right?
09 August 2010
Even after providing PAN TDS needs to be deducted at the rates mentioned above. If no PAN then TDS deductible @ 20% w. e. f. 01.04.2010.
The limit of Rs.20,000 and Rs.50,000 is also applicable for works contract and w. e. f. 01.07.2010 it is Rs. 30000/- for a single bill and Rs. 75,000/- for the year.
If the same exceeds the above limit then TDS deductible on the entire amount.
The limit of Rs.20,000 and Rs.50,000 is also applicable for works contract and w. e. f. 01.07.2010 it is Rs. 30000/- for a single bill and Rs. 75,000/- for the year.
If the same exceeds the above limit then TDS deductible on the entire amount.
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