When Tax Is Required To Be Deducted On Interest?
S. 2(28A) defines – Interest. “Interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including deposit, claim or other similar right or obligation) and includes any service fee or
Whether TDS Is Required While Making Payment To C & F Agent?
In ITO vs. Dr. Willamer Schwable India (P) Ltd. [3 SOT 71 (Del.)], the Tribunal has held that reimbursement of actual expenses where no profit element is involved, is not liable for the TDS. Similarly, it has been held by the Delhi High Court in Handicrafts & Handloom Export Corpn. of India vs. ITO [140 ITR 532]; that the amounts received by an assessee
Whether TDS Is Required To Be Made To A Person Who Arranges Trucks For The Assessee?
From the query, it is clear that a payer, is seeking help from the company, for arrangement of trucks from others. The company does not own any truck therefore it is only entitle for commission. Hence, the payer is paying to the company not for carrying out any work.
Whether TDS Is Required On Any Contract Of Work?
From the query, it is clear that work of cleaning town and maintaining sanitation by Municipal Council through its employees would be covered by section 192 of the Act and, tax would be deducted if the salary / wages paid are above the basic exemption limit at rate applicable.
Whether Advocate Is Liable For TDS On Interest Payment?
1. Section 194(C) provides that no individual or HUF shall be liable to TDS on the sum credited or paid to the account of the contractor where such sum is credited or paid exclusively for personal purpose of such individual or any member of HUF.