Is there any provision as such that TDS is exempted for the first accounting year?????
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Tds
Replies (12)
No
Dear Bhagyalaxmi,
In case of Individual / HUF, TDS provisions r applicable for the year next following the year in which limits specified u/s44AB exceeds..(Following the year of TAX audit)
In this case In case of first year of Business we can say that TDS is not applicable on Individualsand HUF's
Hey Amir
Is there any Sec specified for that provision...
Reply as early as possible
Dear Bhagyalakshmi,
there is no separate section for this but this thing is provided by way of Proviso in every TDS Section like 194 C, 194H, 194J,etc
hi friends....
does tds on contract apply for a contract that is not wrtten and agreed between the parties.
eg: there is no written contract between two parties but the payment exceeds Rs.20,000/-
Hi Abhinaya,
Yes TDS is attracted even if contract is verbal...No requirement that contract has to be in writing...
thanks a lot amir.......
have a great day.
will commission paid to travel agents for the service of booking tickets attract tds as tds for brokerage and commission
Dear Abinaya,
Payments to airlines/travel agents - The provisions of section 194C do not apply to the payments made to the airlines or the travel agents for purchase of tickets for air travel of individuals. The provisions shall however apply when payments are made for chartering an aircraft for carriage of passengers or goods. This clarification will apply mutatis mutandis to the tickets for travel of individual by any other mode of transport also—Circular : No. 713, dated 2-8-1995.
The payments made to a travel agent or an airline for purchase of a ticket for travel would not be subjected to tax deduction at source as the privity of the contract is between the individual passenger and the airline/travel agent, notwithstanding the fact that the payment is made by an entity mentioned in section 194C(1). The provisions of section 194C shall however apply when a plane or a bus or any other mode of transport is chartered by one of the entities mentioned in section 194C—Circular : No. 715, dated 8-8-1995.
but what about 194 h.... am asking whether this travel agent commission will be covered there or not... thanks for the circulars....
DEAR ABINAYA,
I DON'T THINK TRAVEL AGENTS CHARGE SEPARATELY FOR THEIR COMISSION,
THEY GET THEIR COMISSION FROM AIRLINES...
BUT IF THEY ARE CHARGING IT SEPARATELY TO CLIENTS THEN IT WILL BE SUBJECT TO DEDUCTION U/S 194 H.(ONLY THE COMISSION AMOUNT )
thanks a lot amir
take care
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