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Tds section for vehicle hire charges

WebTDS is deducted irrespective of the mode of payment–cash, cheque or credit–and is linked to the PAN of the deductor and deducted. Generally, TDS is deducted on the following types of payments: Salaries Interest payments by banks Commission payments Rent payments Consultation fees Professional fees Dividends Windfall gains WebOct 7, 2013 · The transport service/company does not provide. the drivers, petrol and day to day cleaning and. maintenance. The rate of TDS for all with effect. from 1st June 2007 is …

194c TDS - Income Tax TDS #329346 - CAclubindia

WebOct 10, 2012 · 10 October 2012 TDS on hire charges of taxi/car charges may be covered under two section.Its all depends upon details of the contract between taxi owner and user. 1.194 C 2.194 I To decide under which section it should be covered we have underlined some major points WebJan 30, 2024 · The TDS rate applicable under different sections & subsection of is between 1%- 30%. *Threshold amount is the max. amount exempt from TDS. The above rates are indicative and may change based on government notification. Other indirect taxes such as service tax, TDS are also collected prior release of a payment. inauthor: chinua achebe https://shopbamboopanda.com

TDS under Section 194I Or Section 194C for Car hiring charges?

WebFeb 11, 2024 · (a) motor vehicles for transportation of persons having approved seating capacity of not more than thirteen persons (including the driver), except when they are used for making the following taxable supplies, namely :- (A) further supply of such motor vehicles; or (B) transportation of passengers; or WebJun 11, 2015 · Invoices Rs.2000/-,Rs,15000,...It is expected that it will exceed Rs,75,000/- Later on. 2) What if TDS is applicable, no tds deducted till now, is there any penalty if i deduct tds on if it exceeds Rs,75,000/-. 3) No written agreement with ambulance agency WebJul 19, 2024 · As per section 194-I dealing with deduction of tax at source from payment of rent, the rate of TDS applicable is 1.5% for machinery hire charges and 7.5% for building lease rent. The rates are applicable if payment is made after 14th May 2024. The scope of the section includes within its ambit, rent for machinery, plant and equipment. inauthor: david r. krathwohl

Section 194I, 194IB & 194IC Under Income Tax Act

Category:TDS on car hire charges – Section 194C of Income Tax Act

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Tds section for vehicle hire charges

ITC on Hiring of motor vehicle, Goods and Services Tax - GST

Webafter deduction of TDS wherever applicable or other Govt. dues, if any. 18. The agreement for hiring of vehicle shall be in force for a period of two years and would be ... Hiring Charges per vehicle (Exclusive of service tax) S.No. Description Rate (Rupees) For 2500 Kms. and 330 Hours per month, rates to be specified separately for vehicles ... WebDec 15, 2011 · Tds on car hire charges. 15 December 2011 A Comapny is hiring cars as and when required for company employee or officers visiting purpose at various locations on …

Tds section for vehicle hire charges

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http://corporatelawreporter.com/2011/05/07/fixed-charges-hire-vehicles-rent-section-194i-tds/ WebMay 7, 2011 · The AO on consideration of the reply of the assesseenoted that the assessee had made payment for vehicle hire chargesin connection with plying of employees from one place to another.The vehicles are owned and maintained by the contractor. Theassessee is making fixed payment of an amount.

WebFeb 11, 2024 · TDS on car hire charges is required to be deducted under Section 194C of the Income Tax Act, 1961 at the rate of 1% or 2% (as the case may be) for payments to residents. Want to know more about TDS on Car Hire Charges? Get enrolled on our ‘TDS … WebMay 8, 2024 · New Section 194S- A person is liable for Tax Deduction at Source (TDS) at 1% at the time of payment of the transfer of virtual digital assets. Sale of immovable property …

WebApr 23, 2024 · No Section 194C TDS on Reimbursement of Vehicle Expenses: ITAT [Read Order] The Income Tax Appellate Tribunal (ITAT) held that Section 194C of the Income … WebNov 25, 2024 · INCOME TAX : Where assessee hired cabs from cab owners and provided transportation services to its customers and made payments to these cab owners on account of hire charges from amount received by it from its customers, assessee was liable to deduct TDS on said payment under section 194C Register Now

WebFeb 11, 2024 · TDS on transportation charges are required to be deducted under Section 194C of the Income Tax Act, 1961 at the rate of 1% or 2% (as the case may be) for payments to Residents. Who is a ‘transporter’ for the purposes of …

WebFeb 26, 2024 · The expenses claimed by the assessee were disallowed as a consequence of the non-deduction of TDS and an addition was made, to the extent provided for in Section … inauthor: dr sriharsha indrasena frcsWebSep 3, 2015 · It is worthwhile to mention that the basic TDS rate for rent under Section 194-I is 10 per cent whereas for payment to a contractor under Section 194C is 2 per cent. For … inauthor: edward f. obertWebApr 26, 2024 · TDS u/s 194C or 194I : Lorry hire charges paid for vehicles ITAT CHENNAI THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE – 1, TIRUNELVELI VERSUS M/S. … inauthor: encyclopaedia universalis