hi... can anyone tell me whether TDS need to be deducted on Freight payment for inward consignments received from parent company abroad. but payment is made by Indian company to Sanco.
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tds on shipping freight
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Yes Deduct at 20% if PAN Not Furnished
IF PAN FURNISHES BY TRANSPORTER THEN NO NEED TO DEDUCT TDS OTHERWISE 20% WILL BE DEDUCTED. IT IS COVERED UNDER NEWLY MODIFIED SECTION 194C.
Ask a copy of PAN Card from Sanco Trans and then no need to deduct TDS
But as per modified income tax act, the PAN details needs to be submitted to income tax department in prescribed form. can any body tell what the form suggested...
In case of payment of freight charges (Road Transport only) NO TDS is to be deducted only if Transporters give their PAN., Kindly collect a letter from Transporter along with a copy of their PAN Card. for more details pls go through www.supermoneycontrol.com .
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