TDS Deduction

This query is : Resolved

SURESH KUMAR.P (Querist)
Follow

29 October 2009 I am working in a private limited company. we have operate 5 branches with separate TAN and sigle PAN.Also maintain separate books of accounts.At the time of finalisation we prepare consolidated Balance sheet as well as P&L for filing IT retrun.Every branch paid courier payment to X Ltd company(same company) for Rs.12000/-per year.In this situatoin we liable to deduct tds for the payment. My question is the ceiling rate Rs.15000/ per payment & Rs.50000/- per year for every branch or the whole company.Because branch wise we not paid more the Rs.50000/-but whole company wise exceed Rs.50000/-.What we do. WE liable to deduct TDS for contractor in every branch sum wise or consolidated wise?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 October 2009 Branch wise limit cannot be availed. So all branches and HO need to deduct tax.

chetan soni

chetan soni (Expert)
Follow

29 October 2009 i agree with the expert. As the limit is specified for the assessee. Assessee means a person who hold the pan. In your case the pan is allocated to company & branches are doing the payments for individual bills, at the time of consolidation the limits should be verified.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now