I AM CONFUSED REGARDING RECENT PROVISION OF TDS U/S194C WHERE IF ANY TRANSPORTER WHO HAS SUBMITTED PAN IS NOT LIABLE FOR TDS.BUT I HAVE OBSERVED IN CASE OF A COMPANY WHERE TDS IS DEDUCTED @ 2%.THE TRANSPORT CO.WHOSE TDS ARE DEDUCTED ALSO DO NOT OBJECT.IS THIS CORRECT? OR HAVE I WRONGLY INTERPRETED THE PROVISION??
Hi,
Any transporter whether co. or others submit the PAN is not liable for TDS.
| Originally posted by : Ramesh Shah | ||
 |
Hi, Any transporter whether co. or others submit the PAN is not liable for TDS. |
 |
Agreed
Yes as per provision of u/s 194C if transporter furnishing the detail of PAN then no tds shall be deducted.But practicaly most of parties who are liable to pay freight deduct tds on freight and transporter do not object.I heard from my CA if they do not deduct TDS of transporter then Assessing officer can demand details of all bill and transaction with such transpoter.So Most of CA sggest their client to deduct Tds on Freight regularly like previously even though there is no provision u/s194C.
YEAH, AS PER PROVISIONS OF U/S 194C IF TRANSPORTER FURNISHING PAN DETAILS THEN NO TDS SHALL BE DEDUCTED.BUT AS IN YOUR CASE THE PARTY HAS DEDUCTED TDS AND TRANSPORTER HAS NOT REACTED ON DEDUCTING TDS.REASON FOR NOT REACTING MAY BE THAT TRANSPORTER HAS DEPOSITED LESS ADVANCE TAX FOR THE PERIOD AND THINK DEDUCTED TDS AMOUNT WILL BE COMPENSATED IN ADVANCE TAX.
Dear sirs,
If in process of accounting and filing of incometax returns, we suddenly came to know that one of my property was not taken into account from last 3 to 4 years ago. Then how will I take that entry to books of account ?. If i do so, whether the ITO will ask that question at time of scrutiny, or will that entry in books of accounts leads to any addition of income or taxable.
Please guide me.
Thanks with regards
hi ritika
u/s 194c if any transporter whether individual/huf or other quotes his pan. the nill rate will be applicable.
In your Case
tds deducted of a transporter Co. and also not objecting by co. what is the problem?
Excess tds amount will be refunded or no requirment to deposite advance tax.
No TDS on Transport Contracts, if PAN is provided |
|
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 |
in ur case
Answer 1
company is not objecting whether one co. or around 50 because company has no problem for deducting tds. it can claim against such tds.
Answer 2
there is not update employee like you
| Originally posted by : ritika | ||
|
|
HI HAPPY NEW YEAR TO ALL. I AM CONFUSED REGARDING RECENT PROVISION OF TDS U/S194C WHERE IF ANY TRANSPORTER WHO HAS SUBMITTED PAN IS NOT LIABLE FOR TDS.BUT I HAVE OBSERVED IN CASE OF A COMPANY WHERE TDS IS DEDUCTED @ 2%.THE TRANSPORT CO.WHOSE TDS ARE DEDUCTED ALSO DO NOT OBJECT.IS THIS CORRECT? OR HAVE I WRONGLY INTERPRETED THE PROVISION?? |
|
Thanks, same to you
It is illegal to deduted TDS.
CAclubindia
