I have a Query Regarding on Which Amount T.d.s has to be deduct
Case:
A company had agreement with truck service provider as to sent its goods from one place to another place daily with a monthy payment of 200000 .
But one day company stock has been lost during the delivery the amount of loss is 50000.
company adjusted its loss from the amount payable as
200000(amt Due) -50000(loss ) =150000
& now payable is 150000
so i have query on which amount TDS is to Deduct on 200000 or 150000 & why
In my opinion TDS has to be deducted on Rs.2,00,000/-
The logic being, Tax has to be deducted on entry or payment whichever is earlier. You would have first entered the invoice of Rs.2,00,000/- and deducted the same so payment of that becomes inevitable.
| Originally posted by : praveen | ||
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In my opinion TDS has to be deducted on Rs.2,00,000/- The logic being, Tax has to be deducted on entry or payment whichever is earlier. You would have first entered the invoice of Rs.2,00,000/- and deducted the same so payment of that becomes inevitable. |
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| Originally posted by : TusharSampatM.Com CA,CS-FINAL | ||
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Originally posted by : praveen In my opinion TDS has to be deducted on Rs.2,00,000/- The logic being, Tax has to be deducted on entry or payment whichever is earlier. You would have first entered the invoice of Rs.2,00,000/- and deducted the same so payment of that becomes inevitable. |
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As per the amendment effected from Finance Act 2009, No TDS is required to be done on contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor. So in my opinion does not require any TDS to be made
Agree with K sreeharsha, No TDS on transportation if PAN provided.
No TDS on transporters provided they have provided PAN Nos.
Thanks for the given views but reqire one more clarity
Wheater tds is reqired to deduct in case taxi cars carrying newspaper bundels from one place to another on contract basis.of newspaper company.
No TDS on Transport Contracts, if PAN is provided |
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As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor. This new subsection 6 of 194-C makes such transport contractor to compulsorily provide PAN to the Deductor, failing to which TDS will be made by Deductor as per 194C.
Applicability
New returns for such information
End date of such provision |
anjali mam
actually i want clear wheater taxi cars delivering news paper bundels cover in that section exepmtion or not.
As per noise created by Transport agency, Ministry has taken decision and w.e.f /10/2009, there is no TDS on Transport payment if they provide their PAN numbers, otherwise there is a TDS @ 20% on making payment to Transport agency.
No TDS in case the contractor (taxi) submits its PAn, and in the absence of PAN TDS is to be deducted @ 20%
| Originally posted by : ANJALI NEGI | ||
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Hello Anjali, i read your post.......but i have one doubt-:
is this amendment is still in effect or it is terminated w.e.f. 31/3/2010 OR if it is terminated then whether TDS is required to be deducted now in such cases ??
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Its still applicable..its not terminated...
Vivekji I think it should be clear from the solution given by Anjali Madam.
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