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about TDS

Rajani Nair (16 Points)

10 May 2007

TDS is applicable for ocean frieght?

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8 Replies

Amit (16 Points)
Replied 10 May 2007

Refer Sec 172 of IT Act. If the shipping company is a non-resident, then TDS is not applicable on ocean freight subject to a exemption certificate received from the company issued by the IT department.

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Amit Aggarwal

Mrajasekharan (13 Points)
Replied 10 May 2007

Though 7.5% of ocean freight is chargeable u/s 172 of the IT Act,it is not chargeable under the provisions of 195,194C of theIT Act,as per circular No 724 of 1995.

(Guest)

Is TDS applicable for ocean freight and Terminal Handling Charges for the financial year 2006-07

(Guest)

TDS will be applicable to ocean freight u/s 194 C only in case of resident not acting in the capacity of agent of Non resident shipping cos. i.e. outside purview of section 172.