Tds

If the Taxi Driver is taken on Contract Basis then the TDs u/s 194C is to be done & if the Professional like Doctor, Lawyer, CA, CS is paid fees the TDS is to be done u/s 194J if the cross the Threshold Limit.

If the driver & profession are hired in business and paid salary then the TDS is to be done as per Sec 192B

Yogesh is right.. but if the payer is an individual or huf then they will be liable only when their accounts are to be audited compulsorily...

TDS has to be deducted for payments made to doctor & exceeding the max limit as provided in Sec 194J

thanks to u all.but wat is example of taxy on contract basis n what not?

when we daily use taxy for going anywhere in daily lyf is ex. of contract ?

although it is not under 194c as below limit n for prsnl prps bt will it b ex. of cntrct?

cn u gv me some examples of cntrct n non cntrct.

A company has deducted tds on contract  in march(60000) now it wanted to pass entry in tally then how it shold passed? can the company directly pass the entry  amounted  to Rs 60000 in the month of payment i.e March.The expenses are of the whole year(April to march).should late of interest be eligible of disallowed or alowed?

Bank A/c Dr

TDS A/c Dr

           To Deductors A/c

But what about interest will it be allowed or disallowed ?

Interest will be allowed

Entry ll be;

Expense A/c          Dr

    To TDS 

    To party

And regarding interest, it can't be allowed since neither any specific section qoute abt it (i.e. Sec.30- 36) nor general section (Sec.37) permits to claim deduction.