I have one client having Petrol Pump. IOC charged LFR (License Fees Recovery) Charges in Invoice. Is there any TDS provision on LFR charges.
I have one circular received from petrolium association Which is attached.
In that, It is specify rate of 2 % and 10% accordingly SIte A and B. If its deducted TDS, then under which section of TDS.??
Please help me soon.
It should be u/s. 194-I
'A' sites are outlets where the land is owned or leased by the OMCs
Dealers at 'B' sites own or lease the land and building, but Equipment is owned by the OMCs.
I have also one client having Petrol Pump IOC Charged LFR (Licence Fee Recovery) Charges in invoice. My client has been left TDS Sec.194I on LFR till date. which will be come penalty come till date on LFR TDS.
What entry passes of LFR TDS sorry sir for cheep questions.
Karia Overseas
Ahmedabad
CA
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