Answer Posted / h.r. sreepada bhagi
TDS - Tax Deduction at Source.
A Company, Firm or other entity which pays or is liable to
pay income to any other Company/Party/Person is liable to
deduct tax at Source, while paying such income or crediting
such income to the account of the payee.
The Scope & rates & applicability of TDS are mentioned in
Sections 192, 194, 195, etc., of the Income Tax Act, 1961.
PAN is a must for both the parties & TAN is a must for the
party deducting tax at source, who is liable to remit the
amount to the Central Government A/c & to file the necessary
Returns with the Income Tax Department.
For more and updated information refer Income Tax Act, Ready
Reckoner, Income Tax Department or other websites. This
answer is related to Indian Tax Law only.
| Is This Answer Correct ? | 49 Yes | 9 No |
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Sir, We purchased coal from NCL on CST basis. An incentive is paid on the basis of performance basis of NCL. NCL Raise there incentive bill for Rs. 1000+CST2% Rs.20 Total Rs. 1020/-. But As per Our Calculation, Incentive bill should be Rs. Basic 900+18 (CST)total Rs. 918. We argue and disputed and paid only Rs. 918/- . After Some time they also agree that incentive amount should be Rs. 900+CST but Now they revised the bill like this Basic Incentive Rs. 900+CST Rs.20/- (Original Tax value). And now they are demanding C for with CST 20/- but our pleas is that we are not liable for the mistakes made by the NCL and will issue C for for Rs. 18 Only. Now They are demanding C for for difference of Rs. 2 of CST. My Question is what should be the actually value of C form for CST ie. Rs. 18 or 20. considering the fact that we accounted only rs. 918/- in books and disputed is resolved after one year for basic value.
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