23 August 2014
For a new Building a Tyre Making Co. contract with a cement & Steel Suppliers to supply cement in a year, Cement Suppliers supplies cement and charging VAT @ 5% from tyre co...during the year payments were made over Rs.75000. Whether tyre co. is required to deduct TDS under 194C at the time of payment. Experts please resolve my query.
What's the meaning of outright purchase...n one more thing, cement suppliers is not a regular creditors for them...if he is a regular goods suppliers then we say no need to deduct TDS...but this is not a regular purchase....
CAclubindia
