A Indian Company has taken a time charter vessel from a Indian Company at Indian Coast and Vessel will be used for import of goods. Bunker will be suplied by Vesel owner and same will be reimburse by the Company. I ned expert openion on the following poinst :-
1. What is the TDS rate on Time Cherter Payment and under which section ?
2. Is there any other tax attract while payment of Bunker /Time Charter ?
Regards
only section 194C attracts on contract 1% for individual , firm HUF or for others 2 %.
Firstly it depends upon the transaction whether it is purchase or taken on rent.
If it is purchase then no tds and if on rent it will attaract TDS on Plant, machinery & equipment i.e. @ 2% irrespective of the nature of the assesee.
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