Tds on purchase of petrol
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2012
Dear sir,
we purchased petrol and diesel every month approximately 1,50,000/- up to date we paid 12,00,000 . but we don't have contract from vendor. but my internal auditors objected they said immediately cut tds but vendor objected. auditors said this is reached 10 lakhs payment so vendor comes under tds.
which point is correct
i think this is not come under tds becasue it is not in contract. please clarify.
thanking you
b.nagendra vara prasad
we purchased petrol and diesel every month approximately 1,50,000/- up to date we paid 12,00,000 . but we don't have contract from vendor. but my internal auditors objected they said immediately cut tds but vendor objected. auditors said this is reached 10 lakhs payment so vendor comes under tds.
which point is correct
i think this is not come under tds becasue it is not in contract. please clarify.
thanking you
b.nagendra vara prasad
Yogesh Agarwal
(Expert)
09 January 2012
No dear...
You are not supposed to deduct TDS on the purchase of diesel and petrol...
You just ask for the section under which your auditors insist for the same...
You are not supposed to deduct TDS on the purchase of diesel and petrol...
You just ask for the section under which your auditors insist for the same...
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