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Tds deduction
Hey guys is it right not to deduct TDS just bcoz contractor is not having PAN number & depositing back deducted TDS to the credit of contractor ?
Replies (3)
No, it is not right. If payments are above the limits of tax deductions, then you must deduct tax. 20%, if PAN is not available. In that case, he (contractor) will not be able to get refund or credit of that tax.
it is not correct to refund the tds amount. you should deduct tds @ 20% on such payment.
Thanks a lot guys for your reply but on whose account that amount do we need to deposit ? As the person whose TDS we are deducting is not having PAN ? So ...........
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