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Tax Deduction At Source

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Abhishek Selvam O

374 Points Posted on 29 April 2020

if I am a company I have paid amount for a individual(he doesnt require to do tax audit)and amount is 500000 should I deduct 1 percent TDS.

Replies (7)

Quick Summary

This discussion clarifies Tax Deduction at Source (TDS) requirements for companies. Specifically, it addresses whether a company must deduct 1% TDS on a payment of £500,000 to an individual not requiring a tax audit. The advice given is that if the payment relates to carriage (transport) services and the individual owns more than 10 goods carriages, then TDS deduction under Section 194C at 1% is indeed liable.

Pawan Vemula

284 Points Posted on 29 April 2020

What is The nature Of Payment to the individual Towards

RAJA P M

"Do the Right Thing...!!!"

128162 Points Posted on 30 April 2020

Your query is not cleared...
Elobrate with correct details...

Kiran Hathalia

837 Points Posted on 30 April 2020

Exactly.. kindly elaborate your issue .

Abhishek Selvam O

374 Points Posted on 30 April 2020

Nature of payment carriage(transport)

Pawan Vemula

284 Points Posted on 30 April 2020

194C(6) – No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, where such contractor owns ten or less goods carriages at any time during the previous year and furnishes a declaration to that effect along with his Permanent Account Number, to the person paying or crediting such sum.