Is TDS applicable for advertisement charges?
The advertising agencies shall have to deduct tax at source at the rate of 5 per cent under section 194J while making payments to artists, actors, models, etc. If payments are made for production of programmes for the purpose of broadcasting and telecasting, these payments will be subject to TDS at 2 per cent.
What is TDS limit on advertisement?
The limit is if you are paying more than 30,000 per person during the financial year the tds to be deducted would be as follows; 2% if the deductee is company. 1% if the deductee is non company.
On which expenses TDS is applicable?
4. TDS Rates for FY 2020-21
| Section | Sources of Income/Expenses | TDS Rate (%) |
|---|---|---|
| 194 G | Payment of Commission on the sale of lottery tickets | 5% |
| 194 H | Payment of Commission or Brokerage | 5% |
| 194 I | Payment of Rent for use of Land and building/ furniture/ fitting | 10% |
| Payment of Rent for use of Plant and machinery | 2% |
Can we deduct TDS on advertisement?
The advertising agencies shall have to deduct tax at source at the rate of 5 per cent under section 194J while making payments to artists, actors, models, etc. If payments are made for production of programmes for the purpose of broadcasting and telecasting, these payments will be subject to TDS at 2 per cent.
Does newspaper supply have TDS?
Supply of news paper is a purchase transaction TDS not applicable.
Who is not liable to deduct TDS?
But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited. However, in case of rent payments made by individuals and HUF exceeding Rs 50,000 per month, are required to deduct TDS @ 5% even if the individual or HUF is not liable for a tax audit.
What if TDS is not deducted?
Penalty for companies for not depositing or not deducting TDS on time. The employer can make the interest payment on such late payment of TDS before filing TDS returns or demand raised by TRACES. Also, the interest paid delay while depositing TDS is not allowed as an expense under the income tax provisions.
What is TDS example?
As the name suggests, the concept of TDS is to deduct tax at its source. Let us take an example of TDS assuming the nature of payment is professional fees on which the specified rate is 10%. XYZ Ltd makes a payment of Rs 50,000/- towards professional fees to Mr.
Is TDS applicable on calendar printing?
Accordingly, TDS under section 194C is not applicable on printing material as per customer specification, wherein customer has not supplied any material to contractor and contractor has supplied the final product for a price, which is in the nature of contract for sale.
Can we deduct TDS on printing & Stationery?
23 January 2010 if bill is only of printing then TDS u/s 194C is applicable. if paid to individual or HUF then rate is 1% in other case it is 2%.
Is TDS applicable on books and periodicals?
09. If the Bill provided to you says that it is for supply of books then tds is not applicable as it becomes sale. If the Bill says that printing and supply of books then tds is attracted. The rate of TDS will be 2%.
What is tax collected at source?
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
Is it mandatory to file ITR if TDS deducted?
Irrespective of whether your employer has deducted tax at source (TDS) on your salary or you have paid tax on your own, you should file your income tax return (ITR) if you fit certain criteria.