04 March 2009
does a transporter whose annual booking is above Rs.40 lakhs compulsorily require to deduct 1% sub TDS ? If he had not deducted so what should he do ?
TRANSPORTER NEEDS TO DEDUCT THE TAX U/S194C OF THE I-TAX ACT FOR PAYMENT OF LORRY HIRE CGS. IF HE IS THE MAIN CONTRACTOR THAN THE RATE IS 2% +SC+EC AND IN CASE OF SUB CONTRACTOR 1%+SC+EC.
IF HE HAS NOT DEDUCTED DURING THE YEAR HE HAS TO DO SO AND PAY THE TAX ALONG WITH THE INTEREST OTHERWISE THE EXPENDITURE ON WHICH TDS IS NOT DEDUCTED IS DISALLOWED.
05 March 2009
It doesnt matter whatever the entity is since the turnover exceeds rs.40lakhs all assessees need to deduct tax whether individual or p/s firm.
10 March 2009
No. In case the assessee is covered u/s 44AE he will have to go for tax audit only when he owns more than 10 vehicles or declares profit less than prescribed under the section.
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