Dear All,
I purchased cartitges from a party for Rs. 36000 and now I have to make the payment for the same. We have not executed any contract, so I want to know that whether I should pay the bill amount or should I deduct TDS and then pay.
Thanx
10 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 14 May 2014
No TDS deduction because it is a product. But the type/nature of product needs clarification.
MAULIK GANDHI
(Tax Assistant)
(222 Points)
Replied 14 May 2014
TDS in not deductiable on Purchase of Cartridges
Harsh
(Article Assistant)
(92 Points)
Replied 14 May 2014
Ok, Also is it compulsory to execute a contract to deduct TDS.
Shivang Chokshi
(C A )
(182 Points)
Replied 14 May 2014
There is never any need to deduct tds on trading of goods..
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 14 May 2014
it is not necessay to be a written contract always, it can also be oral. but TDS shall be deducted only if satisfies the conditions for deduction.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 15 May 2014
agreed with above discussion
Dipendra Prasad Poudel
(Article Assistant ( Internal Audit) )
(578 Points)
Replied 15 May 2014
TDS is not deducted in case of sale purchase transaction, but if there are specified contracts to supply of the materials then TDS should be deducted.
Experts kindly review my understanding.
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