TDS on Hire charges
This query is : Resolved
12 November 2008
I am working in a construction company. we took the vehicles on hire and we are paying the rent on per month (say Rs.15000/-per month). As per the agreement between the vehicle owner and my company, if the vehicle consumes the diesel morethan the specified average, we are deducting the amount for highir diesel consumption (Say Rs.1000/-). Now the company is paying to vehicle owner Rs.14000/-(i.e.15000-1000). Now on which amount TDS is to be deducted? i.e on Rs.15000/- or Rs.14000/-. Please resolve my query.
Thanks & regards
Sai krishna,CA
Thanks & regards
Sai krishna,CA
12 November 2008
Only on actual amount due.
13 November 2008
TDS to be deducted on 14000/-only.Tghis is on payments only
16 November 2008
Continuation of the above question one more point is
If the vehicle owner uses the vehicle for his personel purpose with company diesel(i.e. If the previos day closing reading of the vehicle does not match with the opening reading of this day, it is assumed that the owner of the vehicle used the vehicle for his own purpose with the company diesel)The company is deducting some more amount for using the diesel(say Rs.1000/-). Now on which amount TDS has to be deducted. i.e on Rs.14000/- or Rs.13000/-.
Thanks & regards
Sai krishna,CA
If the vehicle owner uses the vehicle for his personel purpose with company diesel(i.e. If the previos day closing reading of the vehicle does not match with the opening reading of this day, it is assumed that the owner of the vehicle used the vehicle for his own purpose with the company diesel)The company is deducting some more amount for using the diesel(say Rs.1000/-). Now on which amount TDS has to be deducted. i.e on Rs.14000/- or Rs.13000/-.
Thanks & regards
Sai krishna,CA
16 November 2008
TDS has to be deducted on actual payment made/payble to the Contractor/sub-contractor.
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