TDS Query

NO TDS LIABILITY ON PURCHASE OF STATIONERY ITEMS. THRE IS NO CONTRACT.

REGARDS,

DEVENDRA

Section 194C is  attracted if

- Transaction is with the same supplier in each case. 

- the quantum of transacions exceeds the limit specified.

In your case if the above conditions are satisified than 194C will be attracted or else not.

But the transaction relates to sale and purchase of stationery. There is no contract as such in the above mentioned case. So there is no liability for the deduction of TDS.

In the above given transaction only VAT will be levied by the seller.

Regards,

Devendra

DEAR SIR

  DURING THE F Y 2011-12 OUR COMPANY IS  PAYING MORE THAN Rs. 5 LACS. TO TRANSPORTER WHO IS OWNER OF MORE 1 TRUCK

FOR PROVIDNG TRANSTPORTATION SERVICE & ISSUE US COPY OF P A N THAN REQUI. TDS OR NOT ?

DEAR SIR,

UNDER SERVICE TAX ACT WE ARE SELLING OUR MATIRIALS ON F O R BASIS  AND TRANSPORATATION PAID BY US

               TRANSTPORTER ISSUES BILLTEE WITH REMARK OF SERVICE TAX PAYABLE BY CONSIGNEE  THAN AS PER ACT WHO IS RESPONSIBLE TO PAY SERVICE TAX

No need to deduct TDS on Transportation of Goods Service, if the transporter submits PAN.

Regards,

Devendra

Originally posted by : SUMRANI SADIQ
	DEAR SIR     DURING THE F Y 2011-12 OUR COMPANY IS  PAYING MORE THAN Rs. 5 LACS. TO TRANSPORTER WHO IS OWNER OF MORE 1 TRUCK FOR PROVIDNG TRANSTPORTATION SERVICE & ISSUE US COPY OF P A N THAN REQUI. TDS OR NOT ?

As per amendments made in Sec 194C vide Finance Act 2009,"No deduction shall be made from any sum credited or paid ..................during the previous year to the account of contractor during the course of business of plying, hiring, or leasing goods carriages, on furnishing of his PAN, to person paying or crediting such sum".

So No Tax to be deducted in this particular case

what is tds rate for companies organising education exhibitions

regds

Originally posted by : Devendra
	But the transaction relates to sale and purchase of stationery. There is no contract as such in the above mentioned case. So there is no liability for the deduction of TDS. In the above given transaction only VAT will be levied by the seller.    Regards, Devendra

There is No liability for deduction of  TDS u/s. 194C for the following reason:

Payments to contractors

194C (3) Where any sum is paid or credited for carrying out any work mentioned in sub-clause (e) of clause (iv) of the Explanation, tax shall be deducted at source—

               (i)   on the invoice value excluding the value of material, if such value is mentioned separately in the invoice; or

             (ii)   on the whole of the invoice value, if the value of material is not mentioned separately in the invoice.

Explanation.—For the purposes of this section,—

(iv)   “work” shall include—

(e)   manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer,

                      but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.

TDS for the month of Jan 11 is deposited late by 1 day ie. on 08.02.11

Interest on tds is calculated @ 1% for the month or part of the month

tell me interest on 1 day will be deposited or not

or the company should  ignore the 1 day late payment interest

Pls clear

TDS for the month of Jan 11 is deposited late by 1 day ie. on 08.02.11

Interest on tds is calculated @ 1% for the month or part of the month

tell me interest on 1 day will be deposited or not

or the company should  ignore the 1 day late payment interest

Pls clear

Hi Preeti

You have to deposite Interest @ 1.5 % per month for the late payment of TDS for the one month on the tds amount late deposited by you.

Thanx to all for replying

Hi Friends

What is TDS libility of Individual assessee when Interest in paid to Pvt./Ltd. Company

Munish.....