As per the Finance Bill presented by our eminent Finance Minster Mr. Pranab Mukherjee, the TDS provisions have undergone a drastic change. As per the new bill, new rates for deduction of tax at source would be made effective from 1st October 2009. The rates were rationalized so as to assist deductors in complying with their TDS obligations and reduce their compliance burden.
In the bill it is mentioned that in case the PAN provided by the deductee is wrong or no PAN is furnished by the deductee, then the rate at which the tax need to be deducted will be 20% w.e.f 01.04.2010.
Please clarify whether the rate of 20% is applicable for AY 2010-11 or AY 2011-12. Suppose ABC Company Pvt Ltd have to pay an amount of Rs.60,000/- as repairing charges to Mr.B on 1st of November 2009. Mr.B has no Permanent Account Number. At what rate should the company deduct tax from him? At 1% or 20% ? Please clarify ?
Dear Parasji, Regarding your first query, I am of the opinion that as per the guidelines issued by NSDL ( Cir. No. 10 attached) we have to give particulars of...
Dear Amrish I posted a query on the group regarding deduction of TDS on telephone services. I could not find that in the digests that are being sent to ...
My client is a construction Co. In previous year they hire many types of Tippers, and Dumpers. Due to a high Rate of TDS on Hire Charges Hirers want to convert...
Note: SIR, Please let me know whether TDS is required to be deducted u/s 195 for payment made from India to a Foreign Co., China on account of purchase of Raw...
anuj only the amount which constitue income of non residet..is liable to TDS u/s 195 hence purchase transaction cant be said to be income of o non resident...
Dear friend Read sec 9(i) carefully, it speaks about taxing of income of non resident when it has business connection, and specifically excludes direct inports...
yatendragoyal
yatendragoyal@...
Jan 24, 2008 3:43 am
XYZ Pvt. Ltd Company has subscribed on Google.co.in for Advertisement of his Products. Google Company Bills form Ireland and debit directly to Credit Card of...
Atul Doshi
acdoshi@...
May 6, 2008 6:38 am
DearFriend, In such cases TDS is deposited by Indian Entity on grossing up basis. The terms of Google may not allow deduction of TDS. Regards CA Vijay Kapur ...
VIJAY KAPUR
vijaykapurca107@...
May 6, 2008 1:59 pm
Can somebody explain this concept with the help of an accounting entry. --- On Tue, 6/5/08, VIJAY KAPUR <vijaykapurca107@...> wrote: From: VIJAY KAPUR...
Dear Freinds, Dr. Advertisment expenses 25568 Cr Credit Card Payment 25000/- Cr TDS Payble on Contractor 568 Hope it will help CA Arun Sharma ... I...
Arun Sharma
arunsyv@...
May 8, 2008 9:49 am
Dear Friend, Grossing Up is calculated as follows: GROSS AMOUNT=AMOUNT PAID X 100/ (100-RATE OF TDS) IN SUCH CASES DOUBLE TAX AVOIDANCE TREATY WITH THAT...
VIJAY KAPUR
vijaykapurca107@...
May 8, 2008 9:51 am
Dear all, Pls advise if goods sold on consignment and consignee will get the reimbursement from consignor on expenses incurred by him in regarding to selling...
Dear All,  I have a query relating to TDS. Whether tax has to be deducted on Leased Line expenses.If not to be deducted, please give the circular reference...
Under what head will you deduct TDS. Leased line is similar to Telephone / internet connection which any business has. Try & deduct TDS... i am sure next month...
Dear All, I would like our professional members to throw some light on the following query. We are seafood exporters and our product is subjected to...
Nagesh
nagesh@...
May 25, 2009 2:27 pm
Sirs, As per the Finance Bill presented by our eminent Finance Minster Mr. Pranab Mukherjee, the TDS provisions have undergone a drastic change. As per the ...
neeraj s
neerajrgn@...
Jul 10, 2009 7:06 am
1% Â Bharat Goel M: 9836751088 ________________________________ From: neeraj s <neerajrgn@...> To: ICAI_CIRC_MEERUT_CA@yahoogroups.com Sent: Friday, July...
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