what to do if contractor does not have a PAN & we are liable to deduct tax and what if we deposit it from our pocket on his name
Menu
no PAN & liability of tds on contract
Replies (4)
Dear Ankit,
AS per new rules If any deductee doesnlt provides his PAN then TDS has to be deducted @ 20%..
U don't have to deposit from ur own pocket, just make the payment after deducting TDS @ 20% if he doesnot provides his PAN
TDS should be deducted on any payments made to contractor. If he does not have PAN then also we have to deduct it.
If we are depositing out of our pocket, den we can not claim that "tax potion "as expenses of our business.
Yes, Amit is right.
Dear Amir 20% is from 1.4.2010
if pan is not quoted then tds is to be deducted at higher percentage.. there is no need to deposit tax out of own pocket as it is to be deducted from amount paid.
Recent Topics :
- E-way notices2222
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
- Which Aviation Services Can Air Ticketing Professi
- Section 87A
Related Topics :
CAclubindia
