723/1995. Thus, there is no overlapping in the areas of … Click Here. Brief Facts: Assessee was in the business of exports, which were done through both air and sea. TDS Deduction from payments made to Non-Resident foreign shipping Companies: If the Payments are made to an agent of a Foreign(Non-Resident) Shipping Liner. The rate of TDS is as under: – TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF: Copyright © TaxGuru. Cosco Shipping Lines (India) Pvt. 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We are your full services providers. not made by us but is deducted by you from the payment due to us. When do I need to deposit the TDS after making the deductions? Our Mission. Posted 7 years, 4 months ago by CA Pulkit Sharma Regarding air liting the goods were transported through GBR Freight Forwards Private Limited to whom reimbursement and service charges were paid and the TDS was deducted by Assessee on the basis of involvement of Service Charges. TDS is not liable for any products damaged or lost during shipping. Ltd., (formerly known as Cosco (India) Shipping Pvt Ltd.,) has been operating in India for around 25 years. To provide our valued customers and partners a tangible feel by personalized services while providing effective and efficient solutions to their shipping and logistics needs.CORE VALUES: Quality, Integrity, Reliability, Flexibility and Professionalism. Whether the Revenue was right in relying under section 194C, on the basis that that tax is to be deducted on ‘any sum’ paid for carrying out ‘any work’ and held that the tax should have been deducted on the gross amount paid by the appellant? of deductee records in e-TDS/TCS return Upload charges (exclusive of GST) * GST as applicable; Returns having up to 100 records ₹42.37: Returns having 101 to 1000 records ₹178.00: Returns having more than 1000 records ₹578.50 * GST as applicable. It is clear from the section that the area of operation of TDS is confined to payments made to any “resident”. Case Details: ITA No.257(Asr)/2014 Assessment year:2006-07 Damages/Lost Items. TDS provisions not applicable on internet leaseline charges u/s 194-I 194C or 194J of Income Tax Act as assessee only availed internet connection and was not using any asset, plant or machinery which involved payment of rent. The CIT(A) in its order held that there was nothing in the bills to show that the freight chargers were being reimbursed. If you are paying the contractor in cash, then you … Unit 704, 7Th Floor, Emirates Concorde Office Tower, Al Maktoum Deira Dubai UAE. . Adventure: Shipment of goods on shipper's own account. . Ltd. Our network and understanding of these key trading and commercial centers means that we can provide world class services to our customers. Choose the Suggest Item Charge Assignment action. In brief, the TDS is not applicable on Internet Charges, Telephone Charges, Cable TV, etc. If You Want to Get Called Back, Leave a Clear Phone Message, Tel +971 43246987, Mob +971 564040177, Fax +971 04 328 8043. Tel +971 43246987, Mob +971 564040177, Fax +971 04 328 8043 No it is not applicable on internet charges , The leaseline charges/internet charges paid were only for use of internet connection and do not fall within the provisions of section 194-I ,194-C and 194-J of the Act. Cosco runs its operations through the Head Office in Mumbai; whereas regional offices in strategic locations in New Delhi, Chennai, Kolkata, Cochin and Tuticorin ensure a continuous and close follow up with clients. The charges you mentioned are not storing charges, but professional charges. Advanced Charge: A charge paid by a carrier to an agent or to another carrier, which the delivering carrier then collects from the consignee. If you are paying digitally, then the TDS should be deducted before making the payment. Whereas, for Balaji Shipping services through which shipments were concerned, no TDS was deducted as no service charge component was present. Welcome to the world of Shipping - Its all about you! As per provision TDS is required to be deducted if aggregate sum credited or paid during P.Y. CIT(A) relying on CBDT circular and section 194C also held that the appellant was obliged to deduct tax on the entire payment made to the two shipping agents. Furnish GSTR-1 in time, or pay late fees, Webinar on Career Growth in GST related Litigation Management, Extend timelines for filings by LLPs: ICSI, Goods and Service Tax (GST) Registration & Requirements, Uttarakhand HC directs CBDT to consider representation on due date extension, All India Protest Call against GST/Income Tax Issues by WMTPA. TDS Shipping L.L.C has started liner services as carrier and NVOCC in Asia and Europe with regular and direct services to its valid customers in world wide.TDS has capacity of 8400 TEU containers. ONE is the global container shipping company headquartered in Singapore and offering an extensive liner network service covering over 100 countries. Our network and understanding of these key trading and commercial centers means that we can provide world class services to our customers. In the result the appeal of the assessee was allowed by the Hon’ble Tribunal. The item charge on the separate purchase invoice is now assigned to the item on the posted purchase receipt, thereby updating the item's inventory value with the cost of the item charge. As per Section 194C, the TDS is allowable on payments to … TDS on NR is deducted u/s 195. To know more about Section 194J like maximum exemption limit, etc. In response of customer demand and to offer enhanced services in OOCL’s West Africa network, we are pleased to announce the introduction of a direct port call to … TDS should be decuted after applying the provision relating to TDS ON PROFESSIONAL SERVICES. Join our newsletter to stay updated on Taxation and Corporate Law. TDS LINE manages the movement of cargo by air, land & ocean to and from any destination worldwide. TDS SHIPPING L.L.C. If the NR Shipping company having branch in India and servicing on behalf of them, do we need to deduct TDS if the country goes into DTAA with the other country. I, therefore, direct the AO to restrict the determination of tax deductable by way of TDS in respect of line charges to … Since the payment exceeds 30,000 TDS should be deducted. As payment of commission etc. Is TDS applicable on Internet Leased line? All Rights Reserved. AWARDS. for a contract exceeds Rs. All rights reserved. Assessee while addressing before the learned CIT(A) argued that reimbursable expenses were separate from fees, that what constitutes fee shall be the consideration for the services rendered by the recipients but not the amount of reimbursement. On the other hand, section 172 operates in the area of computation of profits from shipping business of non-resi­dents. It will not under contract ot Rent but Professional services. Gujarat Star Award for Best Shipping Agent of the Year 2013 Whereas, for Balaji Shipping services through which shipments were concerned, no TDS was deducted as no service charge component was present. ... TDS on payment to shipping agent/shipping line This query is : Resolved Report Abuse Follow Query Ask a Query. What are the due dates for filing quarterly TDS… NR engaged in shipping business need not pay any advance tax & TDS. Tds need not be deducted on the following category of expenses: Ocean Freight; Terminal Handling Charges; Demurrage Charges Assessee did not attract the provisions of section 40(a)(ia) of the Act as reimbursement of expenses do not consist the income of the recipient and the payments are not governed by the provisions of section 194C of the Act. Reliance was made upon Associated Cement Co.Ltd vs. CIT [1993] 201 ITR 441 (SC), where it was observed that it is impossible to hold that the deduction of tax has to be confined to the income component of the contractor, that there is nothing in the language of the section which permits exclusion of an amount paid to the contractor. Your email address will not be published. All fees imposed during or after shipping are the responsibility of the customer (tariffs, taxes, etc.). No. As per section 194CTDS is to be deducted on Contractors at 1% in case of (Individual / HUF) and Single Contract at 2% on (Partnership / Companies)However, No TDS is to be deducted if annual expense is upto 100000 p.a. TDS on Clearing & Forwarding Agents Payment Aug 19, 2016 by CA Ankur Mehta in Uncategorized If anyone has any kind of Doubt Regarding TDS on Agency Service Charges (Charges of CHA Agents like Prime Forwarders, Unique Speditorer Pvt. According to Revenue, By not mentioning the service charge component in the bill does not mean that the BSS have not taken any profit. SEATRADE 'The Ship Agent Award - 2013 . Welcome to the world of Shipping - Its all about you! Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Such charges are usually for agents' forwarding fees and incidental expenses paid out of pocket for account of the shipment by an agent or other carrier. Copyright © TDS Shipping. If this distinction of who pays what charges for a sea freight shipment is not made clear right from the beginning – either at sales contract stage between buyer and seller or at booking stage between shipping line and booking party, there could be additional charges incurred along the way and someone will have to pay for it.. Section 44BB is for calculation of income & S.172 is for recovery of tax. Section 172 specifically overrides whole of the income tax i.e. This philosophy has positioned Seahorse amongst the country's premier shipping agencies, with an enviable brand equity. (Torang Darya Shipping) TDS Line established in 2008; initially to provide customers forwarding services and could grow up rapidly by serving talented and dedicated professionals and become leader in shipping industry . To become the most preferred & reputed global shipping company with high employee satisfaction and delighted clients. Also, it was mentioned that GBR had included service charges and the tax have been deducted on it and amount paid to BSS was only the reimbursement of shipment charges and no service charges was paid. Regarding air liting the goods were transported through GBR Freight Forwards Private Limited to whom reimbursement and service charges were paid and the TDS was deducted by Assessee on the basis of involvement of Service Charges. TDS is not responsible for any customs and taxes applied to your order. Seahorse, with a vision and ambition to be leaders in shipping and international transportation, operates within the frame work of integrity, commitment and compassion. ie., if the company has NOC as per DTAA, while making freight for exports to that NR shipping company, do we need to deduct TDS… Receipt Lines page, select the posted purchase receipt for the item that you want to assign the item charge to, and then choose the OK button. We are required to deduct tax at source (TDS) on the payment of commission and other charges to amazon as required under the provisions of Income Tax Act, 1961. TDS on courier charges is required to be deducted under Section 194C of Income Tax Act 1961.. Rate and Amount for deduction of TDS. If the yearly amount is less than Rs 1,00,000, then there is no need to deduct the TDS on Freight Charges, however, if this amount exceeds the given threshold, then the TDS should be deducted. Our strength is our strategic positioning in the dynamic markets of the Middle East, China, India and Africa. ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor, Cost adjustment factor, etc) using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. or upto 30000 single Contract per … Dynamic Logistics Leadership & Visionary of the Decade . Hence,in case of NR transporter, NO TDS will be deducted u/s 195. . Before the Hon’ble Tribunal it was submitted that all amounts were paid before the end of the relevant accounting year and hence section 40(a)(ia) would not be applicable. In order to submit a comment to this post, please write this code along with your comment: 04ff2e98a01a9c35b01d92d679fd47ca. Whether TDS is applicable on 1 Terminal handling Charges 2 Inland Haulage charges 3 Bill of lading fees. Our strength is our strategic positioning in the dynamic markets of the Middle East, China, India and Africa. So, the line will charge the consignee DEMURRAGE for 4 days from 9th to 12th July at the rate fixed by the line.. After the full container has been picked up by the client, for example if they take another 7 days to return the empty container, then it is known as DETENTION which again will be charged at the rate fixed by the line.. Further shipping charges are paid … Section 194C deals with TDS on payment made to contractors & sub contractors. Kindly guide us how to deduct the same from the commission and other charges taken by you. 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