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pls tell what is TDS CONCEPT IN RELETION TO TRANSPORTOR
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Answer / m.amaan
WITH EFFECT FROM (W.E.F) 01.04.2010,IF THE TRANSPORTER
FURNISHES HIS PAN NO. ON HIS LR/BILL,THEN NO TDS WILL BE
DEDUCTED & IF THE TRANSPORTER FAILS TO FURNISH OR QUOTE HIS
PAN NO.ON THE LR/BILL THEN TDS WILL BE DEDUCTED DIRECTLY
@20% FROM HIS BILL/INVOICE
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / shankar kumar
The rule of tds deduction related contractor is
TDS Rate 2 %
Surcharge 10% (if amount exceed 10 lac)
EC 2% & SHE 1% total = 3 % on (TDS & Surcharge)
In sub-contract TDS rate is 1%
Condition
1. Tds deduction starts when Single payment exceeds 20,000/-
& agreegate payment exceeds Rs.50,000/-.
2. once deduction starts tds will be deducted on whole
amount which has been paid to the certain constractors
earlier without deduction.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / rajnath maurya
this catagory falls under sub-contractor hence tds
applicable@ 1%+3% cess dont includ the service tax in such
calculation
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ca.sunil kumar agarwal
W.e.f. FY 2010-11 new rule inserted by the Finance Minister
in this case if the transporter submit the PAN No to the
service taker in that case no TDS will be deducted but if
the transporter does not provide the PAN no then in that
case tds will be deducted on the entrie value of the
service provided during the Fy.
| Is This Answer Correct ? | 0 Yes | 0 No |
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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