Freight tds section
WebFeb 28, 2024 · It paid freight amounting to ₹ 2.03 crore (approx.) to Inter Ocean Shipping and Logistic Services for export without deducting the tax at source. Case selected for review under section 263 and Assessing officer (AO) disallowed the whole amount of freight under section 40 (a) (ia) of Income Tax Act, 1961. Contention of department Webtax at source under Section 194C of the Income-tax Act, 1961 (the Act) on freight charges reimbursed to the supplier. While dealing with Section 194C of the Act, the High Court observed that the liability to deduct tax at source on the freight charges was that of the supplier while making payment to the transporter. Facts of the case
Freight tds section
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WebTDS on Freight Payment for Goods Carriage are regulated by Section 194C, Sub Section 6 of the Income Tax Act, 1961. ... You can create an accounting voucher for transport-related expenses, along with the applicable TDS. Section 194C of Income Tax Act is amended to include TDS deduction of 1 % for individuals and Hindu Undivided Families … WebMar 13, 2009 · While making any payment for service obtained from a non-resident shipping company, sec 194c will not be attracted. Sec 195 says, must deduct TDS while making payment to non-resident shipping company. Accordingly when he is assessed under 172, he is paying 7.5% tax on income. My doubt is when we make payment such a NR foreign …
WebThe Monitor Guide to Post Offices and Railroad Stations in the United States and Canada: With Shipping Directions by Express and Freight Lines: Compiled by: Edwin Wilson … Web144 rows · TDS Rates (in %) 1. In the case of a person other than a company . 1.1 where the person is resident in India- Section 192: Payment of salary. Normal Slab Rate. …
WebThe Township of Fawn Creek is located in Montgomery County, Kansas, United States. The place is catalogued as Civil by the U.S. Board on Geographic Names and its … WebJan 27, 2024 · – Assessing Officer disallowed an amount paid towards reimbursement of freight charges under section 40(a)(ia) on which TDS was not deducted – Issue before the court was as to whether since payment towards reimbursement of freight charges to C & F agent had no income element embedded in it, assessee was not liable to deduct tax at …
WebApr 19, 2024 · TDS shall be deductible on consideration paid for purchase of immovable property (other than agricultural land) under section 194-IA and not under this section. TDS is deductible under that section if consideration is Rs. 50,00,000 or more. 6. Whether TDS is required to be deducted on the transaction in electricity?
http://www.in.kpmg.com/taxflashnews/KPMG-Flash-News-Hightension-Switchgears-Private-Limited-2.pdf salary of a tv news anchorWebMay 26, 2024 · The Threshold Section 194J Under TDS Section 194J under TDS (Tax Deducted at Source) will be not deducted where the prescribed payment or credit does not exceed the prescribed threshold limit. We would like to mention here that the limit is applied and varies for each of the above services section 194J under TDS (Tax Deducted at … things to do in brattleboro vt with kidsWebTDS Rates Chart for FY 2024-23. Different TDS rates apply to different assessees based on the age and income bracket that they fall under. The TDS rates chart is predetermined, and the tax is deducted for different assessees based on these charts. TDS, or Tax Deducted at Source, is a sort of tax in which an individual is required to deduct tax ... salary of a travel midwife