TaxTMI 
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TDS is applicable for Warehouse Cargo Insurance Charges or not
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....DS is applicable for Warehouse Cargo Insurance Charges or not<br> Query (Issue) Started By: - MUTHUKUMARAN K Dated:- 2-8-2025 Last Reply Date:- 5-8-2025 Accounting - Auditing<br>Got 2 Replies<br>Companies Law<br>We got private bonded warehouse tax invoice with collect Storage Charges and Warehouse Insurance Charges in single invoice. TDS percentage is what ? and TDS deduct both charges ot not? wi....
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....th regards K.Muthu Kumaran Reply By Sadanand Bulbule: The Reply: It is already answered at issue ID No. 120313. Reply By Johnson Jame: The Reply: Hi, For your query: * TDS on Warehouse Storage Charges: Yes, TDS is applicable under Section 194C (payment to contractors) if the payment is made to a contractor for warehousing services. The applicable TDS rate is 2% (for companies) and 1....
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....% (for individuals/HUFs), provided the invoice value exceeds the threshold limit. * TDS on Insurance Charges: Generally, if the insurance premium is collected and paid to an insurance company, TDS is not applicable on the insurance portion. However, if it is being charged as part of a composite service (not directly paid to an insurance company), then tax authorities may consider TDS appl....
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....icability under Section 194C. * Single Invoice (Combined Charges): If both storage and insurance charges are billed in a single invoice and are not bifurcated, its safer to deduct TDS on the entire invoice amount to avoid disputes. Ideally, you should request a break-up of the invoice for clarity. It's advisable to take a professional opinion from a tax consultant for documentation purpo....
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