im doing audit of FY 14-15,
if payments made to a goods transporter passes the amount of 75000 and in the end on the year it is 100000/- at what amount shall the tds be deducted u/s 194 c
vinayak (-article assistant) (93 Points)
12 August 2015im doing audit of FY 14-15,
if payments made to a goods transporter passes the amount of 75000 and in the end on the year it is 100000/- at what amount shall the tds be deducted u/s 194 c
ish kumar sharma
(Sr. Manager Accounts & Finance)
(301 Points)
Replied 13 August 2015
| Originally posted by : vinayak | ||
 If deductee is individual or HUF it shoiuld be 1% and in other cases it should be 2% and yes TDS has to be deducted if there is a sub contarctor having more the two goods carrier and if the same does not have PAN the rate of dedctions will be 20%. |
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Santosh V. Thakur
(Sr. Accountant)
(187 Points)
Replied 13 August 2015
@ vinayak
No TDS is required to dedcut from payments to the contractor during the course of plying, hiring and leasing goods carriage if the contractor furnishes his PAN to the payer (earlier provision upto 31-05-2015)
It means NO tds is required to deduct when transporter furnish his PAN to the payer, then basic exemption limit (30000/- per contract OR Rs.75000/- per year) of Sec 194C is not applicable in this case.
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