If a company makes payment to a transporter below Rs 30,000(in case of a single contract) and Rs 75,000(aggregate of all contracts during the year), do we still require his PAN not to deduct TDS or will PAN become immaterial in such a case??
Kindly quote recent case law regarding the said issue(if any)
need not deduct TDS from that payment.......but PAN is required.......
PAN is mandatory. There is no case law in my knowledge, but PAN is mandatory for all the payments covered by TDS.
| Originally posted by : Amol Gopal Kabra (CA,CS,DISA) | ||
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PAN is mandatory. There is no case law in my knowledge, but PAN is mandatory for all the payments covered by TDS. |
 How can we conclude that?? |
If payment is above Rs. 75000/- PAN is mandatory other wise have to deduct tax @ 20%. if PAN Provided no need to deduct tax.
if payment is above rs 75000
if pan is their No tds with flag as tranport with valid pan show it in tds return
If pan is not present then tds at 20% with flag of 20% higher rate as pan not avbl
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