194c clarification

TDS 316 views 1 replies

Maruthi

Tds Returns Preparer

207 Points Joined March 2012

Dear all,

As per new amendments in Section 194C of Incometax Act., in budget 2015.

If transporter having pan number, and not received the single payment of 30,000/- and not received the agregate of 75,000/- or above in the financial year.

AND "IF TRANSPORTER NOT FURNISH THE DECLARATION TO DEDUCTOR, THAT HE HAVE LESS THAN 10 VEHCLES".

Is tds to be deducted or not?

Replies (1)

If limits given u/s 194C do not exceed then no need to deduct tax. Further TDS is to be deducted whenever the limit exceeds. But if transporter does not give declaration then TDS is to be deducted, if limit exceeds.