TMI BlogReimbursement of TDSX X X X Extracts X X X X X X X X Extracts X X X X ..... There is a labour contractor charging Rs. 12,000 per month for some service. The company has agreed to bear the TDS amount. The Bill submitted by the contractor is 12, 240 inclusive of TDS. Hence, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company deducts 244.80 from 12,240 and pays the net. IS IT OK from Income Tax Point of View. - Reply By CS Swati Dodhi - The Reply = Yes, the treatment is correct The tax borne by company becomes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of the contractor,thus tax deducted at 2% of 12240 is correct Read section 195A if required. - Reply By Narender Singh Negi - The Reply = Labour contractor services is chargable to TDS @ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2% u/s 194C and TDS will be deducted on credit or paid with ever is earlier. So it is OK as per income tax act but contractor income will be increased by Rs.240/- that will have to justify to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the department in the case of scrutiny. But at the time of deduction contractor have to provide PAN to the company against the deduction of Rs.244.80. - Reply By Siraj Shaikh - The Reply = Thanks S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wati and Narendra... - Reimbursement of TDS - Query Started By: - Siraj Shaikh Dated:- 14-6-2012 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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