Please Help: TDS on Minning Royalty
Posted Date : 25-Jan-2012 , 02:52:03 pm | Posted By Chetan
Dear All, Please let me know about the TDS on Mining Royalty u/s 194 J, please clear with case laws, and confirm that Royalty is liable for TDS or not?
Category : Income Tax | Answers : 1 | Comments : 2 | Hits : 2084
Answers
Answer By: lavina bajaj
section 194J says that any person other than an individual or a HUF who is responsible for paying to a resident any sum by way of royalty shall deduct income tax on such income comprised therein. TDS shall be deducted at the rate of 10% on such income. and where deductee has not quoted its PAN than TDS shall be deducted at the rate of 20%.
no tax is to be deducted where the amount of such sum or as the case may be aggregate of the amounts of such sum credited or paid during the financial year does not exceed Rs. 30000/- (20000/- upto 30/06/2010) in case of royalty.
no tax is to be deducted where the amount of such sum or as the case may be aggregate of the amounts of such sum credited or paid during the financial year does not exceed Rs. 30000/- (20000/- upto 30/06/2010) in case of royalty.
Comments
Chetan
25-Jan-2012 , 03:40:04 pmDear Lavina, Please reply with case laws. TDS is liable for Royalty but i can't understand the concept of Royalty on Mining, Please explain.
Chetan
25-Jan-2012 , 03:51:39 pmDear Lavina, Please reply with case laws. TDS is liable for Royalty but i can't understand the concept of Royalty on Mining, Please explain.