20 June 2011
I am presently auditing the accounts of a manufacturing concern. Could you give me the provisions of section 194C pertaining to carriage of goods, and all those provisions that pertain to transporter. Should TDS be deducted on all those transactions?
21 June 2011
In case of transporter one don't need to deduct TDS if the transporter gives a photo copy of his PAN. In case he doesn't give his PAN then one need to deduct tax @ 20%. In case of other contracts one need to deduct TDS @ 1 % & 2% for individuals,HUF and Corporate assessees respectively in case single payment crosses 20000/- or aggregate payment crosses Rs. 50000/- (upto30-06-2010) and Rs.30000/- single payment or Rs. 75000/- aggregate payment (from 01-07-2010) in a particular year.
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