TDS ON TRANSPORTER

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2010 IF PAN QUOTED NIL TDS ON TRANSPORTER, BUT IF PAN NOT MENTIONED , TDS @20%.IS THERE ANY THRESHOLD / BASIC LIMIT FOR TDS ON TRANSPORTER

CA Archana

CA Archana (Expert)
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12 May 2010 Please go through below limits

Section
Nature of Payment
TDS RATE CHART FOR THE FY 2010-11
Threshold limit upto 30th June,2010
Thresholdlimit w.e.f.1st July,2010
Individual/HUF/ BOI/AOP
Co-operativeSociety /Loca lAuthority
N.A.
* in case of resident only
(2)Contractor/Sub-ContractorinTransport Business
20000(Note 1)
30000
NIL(Note 2)

Note:-
1.Thislimitisforindividualtransaction.However,ifaggregatepaymenttoacontractorduringtheyearexceedRs.50,000(Rs.75,000w.e.f1tstJuly,2010),thentaxwillberequiredtobededucted,evenwhereindividualtransactionislessthanthethreshold of Rs. 20,000 (Rs. 30,000 w.e.f. 1st July, 2010).
2.TheNilratewillbeapplicableifthetransporterquoteshisPAN.IfPANisnotquotedtheratewillbe20%.(Transportermeans persons engaged in plying, hiring and leasing of Goods Carriages)
RatespecifiedunderPartIIofFirstScheduleofFinance Bill, 2010 subject to provisions of DTAA

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 May 2010 IF PAN MENTIONED NO LIMIT

IF PAN NOT MENTION ARE REQUIRED TO DEDUCT TDS ONLY AFTER IT CROSSES THRESHOLD LIMIT

THRESHOLD LIMIT:
SINGE PAYMENT RS 20000/- (RS 30000/- WEF 01.07.2010)
ANNUAL RS.50000/- (RS. 75000/- WEF 01.07.2010)

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