Tds onfrieght charges
This query is : Resolved
06 May 2015
A Co Recieving goods from Carrier,
Whether tax deductible u/s 194c for the frieght charges if he provides a valid PAN.
Please explain detailly
Whether tax deductible u/s 194c for the frieght charges if he provides a valid PAN.
Please explain detailly
06 May 2015
No TDS mot required to be deducted if PAN is provided.
Changes made in Budget 2015:
It is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN.
This amendment will take effect from June 1, 2015.
Changes made in Budget 2015:
It is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN.
This amendment will take effect from June 1, 2015.
07 May 2015
Whether it is applicable for FY 14-15
08 May 2015
If PAN is provided then TDS not required to be deducted in FY 2014-15.
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