TDS FOR TRANSPORTERS
This query is : Resolved
10 June 2011
Dear Sir,
I would like to seek information for the following:
This is regarding TDS where we have to mention all records of transporters in the TDS returns. We are sending material through various transporters all over India.
I would like to know whether thresholds U/S 194C being applicable to TDS Deduction is applicable for this or we have to upkeep records for every transaction and accordingly mention the same in TDS return.
Awaiting reply.
Tribhuvan Purohit
I would like to seek information for the following:
This is regarding TDS where we have to mention all records of transporters in the TDS returns. We are sending material through various transporters all over India.
I would like to know whether thresholds U/S 194C being applicable to TDS Deduction is applicable for this or we have to upkeep records for every transaction and accordingly mention the same in TDS return.
Awaiting reply.
Tribhuvan Purohit
10 June 2011
It is better to maintain record of each and every transaction exempted from TDS as the limit prescribed is applicable to the cases which are falling under the TDS provisions of Section 194C.
11 June 2011
I would like to know about upkeeping the hectic record because it will take almost a year to cross threshold as the transactions are of various short amounts between 2 to 3 thousand for one single transaction.
& mentioning records just keep adding records & maintaining certificates which is of no use as the Transporters holding PAN and deduction is Zero, for 3 quarters for various transporters (without any requirement) we have to maintain certificate also which is even not required to give them.
Also I would like to know that if material will be dispatched through Railways then how to mention PAN because it does not contain the PAN Number.
Kindly reply.
Thanking you,
TRIBHUVAN PUROHIT
& mentioning records just keep adding records & maintaining certificates which is of no use as the Transporters holding PAN and deduction is Zero, for 3 quarters for various transporters (without any requirement) we have to maintain certificate also which is even not required to give them.
Also I would like to know that if material will be dispatched through Railways then how to mention PAN because it does not contain the PAN Number.
Kindly reply.
Thanking you,
TRIBHUVAN PUROHIT
11 June 2011
You are correct as practically difficulties are faced in maintaining such records.
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In CAclub, we can share and discuss such matters so that possible solutions can be suggested.
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In case of transporters , as details are required to be given but, practically most of the consultants are not providing such details in the TDS Return.
*
Solution-
However, while maintaining Accounting Records or subsidiary records, You have to maintain Separate Ledger A/c for Each of the Transporters (Based on its PAN No.)
and expenses entries can be routed through Journal Entry or by opening a separate expenses register like Purchase Register.
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At the end of quarter the details may be given as on the last date in spite of showing on date wise basis. Further In respect to each transporter quarterly totals for each transporter may be shown. In this way better compliance can be made. In a particular quarter you are dealing with say, 150 transporters you have to give 150 details only.
*
In case of Indian Railway , you need not deduct any tax by the virtue of Section 196 (iii) as Indian Railways Act is an act enacted and implemented by the parliament.
*
In CAclub, we can share and discuss such matters so that possible solutions can be suggested.
*
In case of transporters , as details are required to be given but, practically most of the consultants are not providing such details in the TDS Return.
*
Solution-
However, while maintaining Accounting Records or subsidiary records, You have to maintain Separate Ledger A/c for Each of the Transporters (Based on its PAN No.)
and expenses entries can be routed through Journal Entry or by opening a separate expenses register like Purchase Register.
*
At the end of quarter the details may be given as on the last date in spite of showing on date wise basis. Further In respect to each transporter quarterly totals for each transporter may be shown. In this way better compliance can be made. In a particular quarter you are dealing with say, 150 transporters you have to give 150 details only.
*
In case of Indian Railway , you need not deduct any tax by the virtue of Section 196 (iii) as Indian Railways Act is an act enacted and implemented by the parliament.
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