Mansi devani (CA) (73 Points)
08 May 2018I 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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160442 Points)
Replied 08 May 2018
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.
PRAKASH S. GAJJAR
(ADVOCATE TAX CONSULTANT)
(27 Points)
Replied 22 August 2018
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.
arshad rain
(7 Points)
Replied 09 August 2021
What entry passes of LFR TDS sorry sir for cheep questions.
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