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Q. > Please Help: TDS Rate?
What should be the TDS rate and in which head it should be deducted TDS for the Service provided by a custom clearing agent.
answered Dec 17, 2011 by CA VIPIN GARG , New Delhi
Dear Abhijeet, the rate of TDS should be the rate which are mentioned u/s 194C i.e. 1% for individuals and HUFs and 2% for others....
Hope you the required answer, have a nice day Abhijeet....
answered Dec 18, 2011 by Ashish Karundia , New Delhi
Dear Abhijeet, In respect of payment to clearing agent, TDS has to be deducted under section 194C of Income Tax Act, 1961 at the rate of 1% (for individual/HUF) and 2% ?(for any person other than individual/HUF). In this regard you can refer circular 715 dated 8/8/1995 wherein it was clarified that payments made to clearing and forwarding agent for carriage of goods shall be subjected to tax deduction at source under section 194C. Further, you can also refer the judgment of Delhi High Court in Glaxo Smithkline Consumer Healthcare Ltd. vs ITO reported at[2007] 12 SOT 221 wherein the Hon'able High Court held that the services rendered by CandF Agents to assessee was for the services which was predominantly for "carrying out work", inter alia, relating to storage despatch, transportation, loading and unloading of goods, etc. Thus, the assessee has rightly deducted tax at source under section 194C of the Act. Hope the above suffice.
answered Jul 03, 2012 by Rambabu Senkarasetti , Guntur
1% for individuals, 2% for others
Experts Panelist
Comments
Ashish Karundia
18-Dec-2011 , 09:22:46 amDear Abhijeet, In respect of payment to clearing agent, TDS has to be deducted under section 194C of Income Tax Act, 1961 at the rate of 1% (for individual/HUF) and 2% ?(for any person other than individual/HUF). In this regard you can refer circular 715 dated 8/8/1995 wherein it was clarified that payments made to clearing and forwarding agent for carriage of goods shall be subjected to tax deduction at source under section 194C. Further, you can also refer the judgment of Delhi High Court in Glaxo Smithkline Consumer Healthcare Ltd. vs ITO reported at[2007] 12 SOT 221 wherein the Hon'able High Court held that the services rendered by CandF Agents to assessee was for the services which was predominantly for "carrying out work", inter alia, relating to storage despatch, transportation, loading and unloading of goods, etc. Thus, the assessee has rightly deducted tax at source under section 194C of the Act. Hope the above suffice.