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TDS on freight for Non audit Firms
Should we deduct TDS on freight if it crosses 1lakh and firm is non audit purchase is more of out state, so Freight value exceeds 100000 in year.
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Quick Summary
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TDS U/s 194C ( Payment to Contractor and Sub Contractor ) @ 1% in case of Individual / HUF Contractor or 2% incase of any other entity, will be applicable when payment made to contractor is Rs. 30,000 or more in a single contract or Rs. 1,00,000 p.a.
Hence you are required to deduct TDS U/s 194C @ 1% or 2%, as the case may be, since your payment exceeds Rs. 1,00,000.
Hence you are required to deduct TDS U/s 194C @ 1% or 2%, as the case may be, since your payment exceeds Rs. 1,00,000.
If your firm is Partnership Firm, you need to deduct TDS
Its proprietor and turnover is 60 lakh
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