What is the rate of TDS on transport?
What is the rate of TDS on transport?
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1%
Let’s understand the rate at which TDS is applicable on transportation: 1% TDS on freight charges if the payee is an individual or a Hindu Undivided Family (HUF) 2% TDS if the payee is a partnership firm, company, trust, or association.
Is TDS applicable on transport charges?
But if the transporter owning more than 10 goods carriages at any time during the year, then you, as payers are liable to deduct TDS at the time of paying charges to goods transporter at the rate of 1% or 2% as the case may be; based on the transport contractor’s status.
What is the TDS limit for transporter?
TDS on transporter
| Nature of transport contract | Threshold Limit | Rate of TDS |
|---|---|---|
| Goods Carriage Transport (irrespective of number of vehicles) | If payment under a single contract is up to Rs. 30,000 Or If aggregate payment in a FY does not exceed Rs. 1,00,000 | Nil |
What is the TDS rate for 2020 21?
TDS rates applicable for resident of India
| TDS Rate (%) | TDS Rates from 01.04.2020 to 13.05.2020 | TDS Rates from 14.05.2020 to 31.03.2021 |
|---|---|---|
| (a) 2 (b) 10 | (a) 2 (b) 10 | 1.5 7.5 |
| 1 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 10 | 1 5 10 | 0.75 3.75 7.5 |
What is TDS declaration for transporter?
As per the amended section TDS shall be deducted unless the transporter who is engaged in the business of playing, hiring or leasing goods carriage owns not more than goods carriages and furnishes a declaration to this effect along with PAN to the payer. The amendment is applicable from 01-06-2015.
Is transporter in TDS return?
As per Income tax act 194C, TDS is not required to be deducted on payments made to transporter If PAN number has been provided to the deductor. To incorporate nil rate transporter entries in E-TDS return by inserting a tag “T” in remarks in 26Q. …
What is the current TDS rate chart?
TDS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)
| Section | Nature of payment | Applicable from 01/04/2020 to 13/05/2020 |
|---|---|---|
| TDS Rate (%) | ||
| 192 | Salaries | Normal slab rate |
| 192A | Premature withdrawal from EPF | 10 |
| 193 | Interest on securities – 8% Savings (Taxable) Bonds, 2003 or 7.75% Savings (Taxable) Bonds, 2018 during the financial year | 10 |
What is the slab rate of TDS?
Slabs for Deduction from Employees-
| Income | Tax Rate |
|---|---|
| Upto `2,50,000 | Nil. |
| `2,50,001 to `5,00,000 | 5% |
| `5,00,001 to `10,00,000 | `12,500 + 20% of Income exceeding `500,000. |
| Above `10,00,000 | `1,12,500 + 30% of Income exceeding of `10,00,000. |
Is TDS applicable on vehicle insurance?
Most times people choose their insurance via agents, brokers, etc. In such cases, the insurance commission or any other remuneration/reward received by such agents, brokers etc., are subjected to Tax Deducted at Source (TDS) as dictated under Section 194D of the Income Tax Act.
How can I file TDS return of transporter?
After entering the deductee details, go to Deduction Details of applicable Quarter under Form 26Q. Here, select the transporter and enter the payment date and amount. Enter the tax rate as “0”. Once the entries are done, specify the Remarks for Deduction as Transporter with Valid PAN (0%).
What percentage of TDS is deducted?
TDS Rate Chart
| Annual Income | Tax Rates |
|---|---|
| Up to Rs.2,50,000 | Nil |
| Rs.2,50,001-Rs.5,00,000 | 5% |
| Rs.5,00,001-Rs.10,00,000 | Rs.12,500 + 20% of income above Rs 5 lakhs |
| Above Rs.10,00,000 | Rs.1,12,500 + 30% of income above Rs 10 lakhs |