What is the TDS rate for transporter?
But if the transporter owning more than 10 goods carriages at any time during the year, then you, as payers are liable to deduct TDS at the time of paying charges to goods transporter at the rate of 1% or 2% as the case may be; based on the transport contractor’s status.
Is TDS deductible on freight charges?
as it becomes part of the cost of the product purchase. Therefore such amount charge separately cannot be held liable of deduction of tax at source under Section 194(C) of the Act.
Who pays TDS property?
TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh. For example, if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount–that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.
What is the limit for TDS on interest?
TDS rates applicable for resident of India Section 193: Interest on securities. w.e.f 1st April 2019, TDS on the interest income from post offices and bank deposits have increased up to Rs. 40,000 from the present limit of Rs. 10,000.
Is the TDs applicable to payment to a transporter?
Here, we will be discussing TDS on a transporter. i.e, the TDS applicable on payment made to the transporter. Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of:
When does section 194c-tds on payments to transporters effective?
Section 194C(6) -TDS on Payments to Transporters Effective June 1, 2015 TDS will be applicable at the rate of 1% or 2%, as the case may be, in the case of all payments made to a contractor during the course of Section 194C(6) -TDS on Payments to Transporters
When to report TDs on transporter-Saral TDs?
With this addition to the Act, reporting all deductions w.r.t Nil TDS on transporter payment in quarterly return (26Q) is made compulsory. The person responsible for making the payment to the transporters, which is subject to tax, is advised to collect the below documents for such transactions:
What is the rate of TDs effective in June 2015?
Effective June 1, 2015 TDS will be applicable at the rate of 1% or 2%, as the case may be, in the case of all payments made to a contractor during the course of Section 194C(6) -TDS on Payments to Transporters