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TDS has to be deducted u/s 194I @ 2% i.e

TDS on plant & machinery

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12y ago

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Whether tds is applicable for terminal handling charges charges paid?

Yes, terminal handling charges are subject to TDS (Tax Deducted at Source) as per the provisions of the Income Tax Act. This means that a percentage of the payment made towards terminal handling charges needs to be deducted and remitted to the tax authorities by the payer. It's important to ensure compliance with TDS regulations to avoid penalties or legal implications.


Complete information about TDS?

TDS, or Tax Deducted at Source, is a tax collection mechanism in India where a certain percentage of tax is deducted from payments made to individuals or entities at the time of transaction. It applies to various income sources, including salaries, interest, rent, and professional fees, and the deducted amount is submitted to the government. The rates and provisions for TDS are governed by the Income Tax Act, and taxpayers can claim credit for the TDS deducted against their total tax liability. Failure to comply with TDS regulations can result in penalties and interest charges.


How Common area maintenance CAM charges to be treated in tds?

Common Area Maintenance (CAM) charges are typically treated as part of the rent for tax deduction purposes under the Income Tax Act in India. When making payments for CAM charges, Tax Deducted at Source (TDS) is applicable if the total payment exceeds the prescribed threshold. The applicable TDS rate for CAM charges generally aligns with the rate for rent, which is currently 10% for residents. It's essential for landlords to issue TDS certificates to tenants for the deducted amount for their tax records.


Is tds is applicable in goods transport freight?

TDS is an abbreviation in the transportation industry when freight charges are assessed. TDS means Transport Deductor Service. This means that the transporter of the freight is required to have certain credentials that meet the laws of both countries involved when shipment occurs overseas.


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As per my opinion Lab Testing can be done by a professional Person. SO TDS should be deducted under section 194J. Thank You CA Priyank Bhattar.


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What is the current rate of tds for freight?

Tds Rates are NIL On Transport