Tds deduction
This query is : Resolved
Rahul Grover
(Querist)
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.
Regards
Rahul
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.
Regards
Rahul
Nikhil Kaushik
(Expert)
23 August 2014
no need to deduct TDS on outright purchases...
Message likes :
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Nikhil Kaushik
(Expert)
23 August 2014
no need to deduct TDS on outright purchases...
Rahul Grover
(Querist)
23 August 2014
Dear Nikhil,
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....
Regards
Rahul
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....
Regards
Rahul
Nikhil Kaushik
(Expert)
23 August 2014
i mean TDS is applicable only where there is a works contract. In outright sale there is no works contract, so no TDS shall apply
Rahul Grover
(Querist)
24 August 2014
Ohkk....got it.
Thankx alot Nikhil Sir.
Thankx alot Nikhil Sir.
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