Whether to deduct tds on contractors for building project
This query is : Resolved
AshishLimaye
(Querist)
01 October 2013
Just to clarify whether to deduct TDS on contractor bills which are used for construction of building. Ultimately building will be capitalized
Please clarify
Please clarify
01 October 2013
TDS provisions make liable a person making payment to contractor to deduct TDS. There are no specific provisions to deduct TDS on payment of revenue expenditure.
One need to deduct TDS on payments related to construction of building otherwise depreciation claimed on building may be disallowed and other penal provisions may be attracted.
One need to deduct TDS on payments related to construction of building otherwise depreciation claimed on building may be disallowed and other penal provisions may be attracted.
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