Is tds applicable on import freight charges
Witryna27 mar 2016 · Shipping charges using non-resident shipping are not liable to TDS u/s 172 (8) as supplemented by CBDT Circular No. 723/1995. ITAT Amritsar, in a recent … Witryna21 sty 2010 · The amount of Rs. 2,01,81,428/- stood paid by the assessee / respondent to M/s Tata Steel as freight charges for carriage of its goods on which tax was not …
Is tds applicable on import freight charges
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Witryna4 gru 2024 · TDS on freight charges for AY 2024-21. 04 December 2024 TDS is to be deducted u/s. 194C on freight charges paid if single payment exceeds Rs.30000/- … WitrynaTDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs.2,50,000. No …
Witryna28 lut 2024 · 10. The assessee during the year has incurred terminal handling charges amounting to Rs.1,29,22,949/- without deducting the TDS. As per the assessee the amount of terminal handling charges incurred is part of ocean freight paid to the agents of non-resident shipping business. WitrynaThe CGST Act requires the importers to pay IGST at 5% on ocean freight under the Reverse Charge Mechanism (RCM). Section 5 (3) of the IGST Act: This section notifies the supplies which are taxable to GST under the reverse charge mechanism. Under the reverse charge mechanism, a recipient of goods/service is liable to pay GST instead …
Witryna26 maj 2012 · Tds on import. 26 May 2012 My client has import goods through a agent and agent has sent a bill to my client for sea import freight charges, exworks , …
Witryna10 gru 2009 · Follow. 11 December 2009 There is no TDS on imports of goods provided you are purchasing on principal to principal basis and have contracted with the party abroad. However, if party has a branch in India or a dependent agent with whom you made the contract then you have to deduct TDS. In case of a fictional creation of …
Witryna6 lip 2024 · The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in the case of M/s. KGL Network (P) Ltd v.The ACIT held that payments made for Air Freight by the assessee-company to such airline companies or its different agents are not liable to be taxed in India.. The assessee-company was engaged in the business of total logistic … c# string to json stringWitryna17 cze 2015 · Regarding air liting the goods were transported through GBR Freight Forwards Private Limited to whom reimbursement and service charges were paid and the TDS was deducted by Assessee on the basis of involvement of Service Charges. ... no TDS was deducted as no service charge component was present. Question of … early menopause no childrenWitryna20 gru 2010 · Whereas Carriage of Goods by sea is subject to TDS when paying to resident shipping companies and freight forwarders u/s 194C. 20 December 2010 I agree with Chakrapani Sir. To add to that if Ocean Freight paid to an an Indian Company which is an Agent of Foreign Shipping Company, TDS is not applicable. You need to … c# string to object typeWitrynaAs we all that, before Finance Act, 2015, the existing provisions of section 194C of the Act payment to contractors is subject to tax deduction at source (TDS) at the rate of 1% in case the payee is an individual or Hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds Rs. 30,000 or aggregate of such ... early menopause patient informationWitryna4 lip 2024 · How to charge TDS on freight as it will attract 194C. Reply. November 23, 2024 at 4:28 pm ... Does Sec 194Q is applicable on Freight, Packing or Loading charges on purchase of goods. Eg- Material Value – 1,00,000 ... Pls confirm if TDS 194 Q is applicable on purchase of Rice Husk for boiler. Reply. July 9, 2024 at 10:59 am early menopause symptoms mayo clinicWitrynaIncome Tax, Service Tax, Excise, Custom, GST Author has 97 answers and 211.6K answer views 7 y. Importer is not required to deduct TDS on shipping cost paid to … early menopause dietary supplementWitryna28 kwi 2024 · According to the New York State Society of CPAs, the United States charges a 4% tax (also known as TDS in other countries) on foreign-owned ships that … early menopause patient info