TDS deduction on Transporters
This query is : Resolved
18 March 2010
hello friends,
In Financial bill 2009 20% TDS rate was prescribed in all cases, if PAN is not quoted by the deductee (including transporter) w.e.f. 01-04-2010.
I am confusing about this rule.
IN CASE OF PAYMENT TO TRANSPORTER (SUPPOSE IN A SINGLE PAYMENT) WE PAID ONLY RS. 5000/-.
I WANT TO KNOW WHETHER IN THIS CASE ALSO I HAVE TO TAKE PAN NO. FROM TRANSPORTER OR PAN NO QUOTATION IS REQUIRED ONLY IN CASE WHERE THE PAYMENT EXCEED ABOVE GIVEN CEILING LIMIT.
In Financial bill 2009 20% TDS rate was prescribed in all cases, if PAN is not quoted by the deductee (including transporter) w.e.f. 01-04-2010.
I am confusing about this rule.
IN CASE OF PAYMENT TO TRANSPORTER (SUPPOSE IN A SINGLE PAYMENT) WE PAID ONLY RS. 5000/-.
I WANT TO KNOW WHETHER IN THIS CASE ALSO I HAVE TO TAKE PAN NO. FROM TRANSPORTER OR PAN NO QUOTATION IS REQUIRED ONLY IN CASE WHERE THE PAYMENT EXCEED ABOVE GIVEN CEILING LIMIT.
18 March 2010
If you are paying only this much amount and you are sure that in whole financial year the payment will not be going to exceed the threshold limit then there is no need to have the PAN No. of the Transporter.
18 March 2010
TDS deduction or the requirement of PAN No. arises only when the invoice amount exceeds Rs.20,000/- or if the amount exceeds Rs.50,000/- in the whole year.
18 March 2010
YOU NEED NOT ASK FOR PAN OR DEDUCT TDS ON RS. 5000/-. BUT IF DURING THE FY THE AMOUNT GOES BEYOND THE THRESHOLD LIMIT YOU HAVE TO GET THEIR PAN CARD XEROX COPY CERTIFIED BY THEM AND IF THEY DONT HAVE PAN THEN YOU HAVE TO DEDUCT TDS @20% ON AGREEGATE AMOUNT.
18 March 2010
yes agreed you need to deduct tds on payment of rs.20,000/- or over and 50,000/- on accural basis in a year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR validation error - Balance sheet is not filled
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Bank Accounts in Balance Sheet for ITR 3
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
