2024 Is tds applicable on amc charges

Is tds applicable on amc charges

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Witryna13 maj 2024 · The facts regarding the issue under consideration is that the assessee incurred expenditure of Rs. 1,75,56,680 under the head ‘Computer Repairs & Maintenance’ during the year and deducted tax … WitrynaAnswer (1 of 2): Greeting, Investors who are Resident Indians can redeem the mutual fund funds without paying any TDS. They are required to show the capital gains as income and pay taxes, if any, when they file their Income Tax returns. However, for a …

TDS on AMC Charges (Annual Maintenance Charges) - Sorting Tax

Witryna29 kwi 2009 · The expenses pertaining to the next year may be booked as Prepaid Expenses. TDS u/s 194C or 194J may have to be deducted which may be deposited as per the Income Tax Rules. In case of AMC for genset the tax will have to be deducted u/s 194C only. The entry may be passed as per under: Generator Expenses Dr. Prepaid … Witryna21 cze 2010 · 21 June 2010 Software AMC is attract TDS sec.194J CMA. CS. Sanjay Gupta (Expert) Follow 21 June 2010 In my view TDS attracted u/s 194C. Rahul Gupta (Expert) Follow 21 June 2010 In my view, also 194C is attracted, since it won't require any professional qualification and membership of any professional body to provide AMC. pictures of daycare buildings

Tds rate on annual maintenance contract - CAclubindia

Witryna3 lip 2024 · TDS on repair and maintenance is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% for payments to residents. 5. Payment for rendered towards maintenance of medical equipments. In CIT v Saifee Hospital 2024 TaxPub (DT) 2050 (Bom-HC) the supplier of medical equipments to the … Witryna14 cze 2024 · TDS to be deduted under some conditions: ( U/S 194C) 1. whether Contract is with Company, individual,HUF, Firm. if Comany or Firm then the TDS rate @ 2% otherwise @ 1% . 2. if you make payment more than Rs 30,000 in single Entry or Rs.75000 yearly. Witryna31 sty 2024 · As per the below notification understood that no need to Deduct TDS for subsequent transfer of Software, my doubt is whether TDS is applicable for AMC charges or not because vendor is giving the same notification as a supporting evidence for AMC charges (for Non Deduction of TDS) for applicability of TDS at the time of … top high schools in the world

TDS on Renewals [Resolved] Income Tax - CAclubindia

APPLICABILITY OF TDS ON REPAIR AND MAINTENANCE SERVICES

Witryna19 lis 2013 · 19 November 2013 TDS on AMC is deductible u/s 194C at a given rates IF the recipient is IND/HUF- 1% any other person - 2% Threshold Limit: Single payment- 30000 Aggrerate Bill - Rs.75000 p.a Witryna19 sie 2010 · TDS on Renewals. 19 August 2010 If i renew subscriptions to website like MAnupatra for legal case-data base , does this transaction attract TDS provisions ? the Annual Subscription/renewal charges is Rs.60000/- . 19 August 2010 TDS applicable on AMC. 19 August 2010 TDS not applicable on above as is it is simply annual … top high schools in utahWitryna7 gru 2024 · Replied 30 November 2013. In this case, there is need to deduct TDS, as the single bill amount exceed Rs. 30000/-. But during the year if the aggregate AMC bill goes above Rs. 75000/-, then you shall have to deduct TDS u/s 194C. TDS @ 1% if … top high schools in texas

"Witryna9 maj 2024 · Expenditure on account of AMC for repairs and maintenance of computers installed at assessee’s office premises were payments of contractual nature without involving any technical or professional skill or knowledge. Therefore, TDS was rightly deducted by assessee under section 194C, instead of 194J. " - Is tds applicable on amc charges

Is tds applicable on amc charges

All about TDS under India GST - Deskera Blog

Witryna22 sie 2024 · Section 194C is applicable since the invoice value against the job work exceeds rs 30,000. TDS rate will be 2% as the contractor is a company. Mr. Ajay must deduct TDS of Rs 50,000 against the processing charges since the invoice specifically states the value of goods and services. Hence, the TDS amount will be Rs 1,000. Witryna11 paź 2024 · TDS was not made at all on payment of Rs. 1,52,37,877/- during F.Y. 2011-12, being communication charges, which is liable for TDS u/s 194J @ 10%. ii. TDS u/s 194C of the Act was made on payment of Rs. 1,71,71,481/- for manpower supply which is in the nature of managerial service and liable for TDS u/s 194J. iii.

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Witryna11 paź 2024 · The said line charges can be treated as rental for the line taken on lease and therefore deduction can possibly be made r-r/s.l94l rather than section 194J. I, therefore, direct the AO to restrict the determination of tax deductable by way of TDS … Witryna12 mar 2010 · RATE OF TDS ON AMC OF COMPUTER SOFTWARE. 12 March 2010 What is the rate of TDS applicable on AMC of computer software Licence? Under which Section? Pls. explain in detail in comparision to section 194C & 194J. 12 March 2010 …

Witryna12 mar 2010 · 12 March 2010 What is the rate of TDS applicable on AMC of computer software Licence? Under which Section? Pls. explain in detail in comparision to section 194C & 194J. CA Shishir (Expert) Follow 12 March 2010 It depends on the nature of work. there are people who argue in both cases. i would suggest that you can apply … Witryna11 cze 2024 · Rate of deduction of TDS on AMC Charges under Section 194C of the Income Tax Act, 1961. ... If it exceeds the threshold limit, then the rate of deduction as provided under Section 194C of the Act will be applicable, i.e., 1% or 2%. Exemption …

Witryna18 gru 2024 · 4.3 Since the payment towards maintenance of aircraft engines are not taxable in India, TDS provisions are not applicable. AO’s Contentions Witryna7 lip 2024 · Is TDS applicable on repair charges? TDS on repair and maintenance is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents. Can we deducted TDS on AMC …

Witryna10 kwi 2024 · Our company take service for computer software maintenance and support on annual basis and company booked invoice as AMC charges is it correct and TDS applicable as per 194C or 194J - Income Tax ... TDS charges for computer software. harshal vashi (employee) (63 Points) 10 April ...

Witryna21 cze 2010 · TDS on Software AMC. 21 June 2010 In my view TDS attracted u/s 194C. 21 June 2010 In my view, also 194C is attracted, since it won't require any professional qualification and membership of any professional body to provide AMC. 22 June 2010 … top high schools in wake countyWitrynaAS per section 194-C of the IT Act, AMC for Computer/UPS will cover under this section, but you need not deduct TDS unless the single payment exceeds Rs.20,000/- or multiple payment (or the Contract value) during the financial year if exceeds Rs.50,000/- then only TDS @ 2% (+SC+EC) will be deductible. In your case, NO is the answer. top high schools in washington state rankedWitrynaentire AMC payments merely on the premise that since payments were made to non-residents, tax was required to be deducted at source, without analysing the taxability of the 2 GE India Technology Centre (P) Ltd. v. CIT (327 ITR 456)(SC) 3 It appears that … top high schools in tnWitrynaAs of June 10, 2024, TDS will no longer carry the AMC Network on our channel lineups. These channels include AMC, BBC America, We tv (Women’s Entertainment), BBC World News, IFC, and Sundance. As with every contract negotiation, TDS looks for a … top high schools in queens nyWitryna20 maj 2024 · Replied 20 May 2024. As per ITAT Hyderabad verdict Fees paid to NSDL/CDSL are not subject to TDS. hence you no need to deduct TDS while paying fee. and expense will be allowed completely. veerendar singh (tax consultant) (3268 … top high schools in miami dade countyWitrynaTDS u/s 194J OR 194C - treating annual maintenance contracts “AMC” payments made to various payees as fee for technical services - the amount paid cannot be considered as fees for technical services within the meaning of section 194J. pictures of dayliliesWitryna30 sty 2024 · The rate of TDS applicable on contracts under section 194 C is 1% for Residential Individuals and HUF. However, for resident other than individual or HUF are liable to pay 2%. Payee not possessing PAN card will be liable to pay at the rate of 20%. Get FREE Credit Report from Multiple Credit Bureaus Check Now. pictures of davy jones