CAN ANY ONE PLEASE SPECIFY THE RULES OF TDS AS PER IT ACT.
I READ TODAY THAT DOIT CHARGED TDS ON PURCHASE OF AIRCRFT.
THE PURCHASE OF AIR CRAFT IS A CAPITAL EXPENDITURE HENCE ANY TDS RULE IS NOT APPLICABLE ON IT
THANKS
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TDS ON PURCHASE OF AIRCRAFT
Replies (2)
TDS IS NOT DEPENDENT ON WETHER EXPENDITURE IS CAPITAL OR REVENUE . IF THE PAYMENT IS COVERED UNDER THE SECTION(S) , TDS IS REQUIRED TO BE MADE EVEN IF IT IS CAPITAL EXPENDITURE.
AS FOR EXAMPLE TDS IS REQURD TO BE MADE FOR PAYMENT TO CONTRACTOR U/S 194C EVEN IF THE PAYEMNT IS FOR CAPITAL EXPENDITURE
THEN WHY WE ARE NOT DEDUCTING TDS ON PURCHASE OF MATERIAL OR SOMETHINFG ELSE.
AS A CONTRACT IS ALSO THERE?
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