According to what i read in one of the Union Budget book, now one has to deduct TDS on Transport if the transporter has more then 10 goods carrier.
Kindly Confirm it…
‘Clarification regarding deduction of tax from payments made to
transporters [Section 194C (6)] :
Under the existing provisions contained in sub-section (6) of the section 194C,
no deduction shall be made from any sum credited or paid during the previous
year to the account of a contractor during the course of business of plying, hiring
or leasing goods carriages, on furnishing of his Permanent Account Number
(PAN), to the person paying or crediting such sum. The intention was to exempt
only small transporters as defined in S 44E of the Act.
The Bill proposes to amend sub-section (6) of the said section so as to
provide that no deduction shall be made from any sum credited or paid during
the previous year to the account of a contractor during the course of business
of plying, hiring or leasing goods carriages, where such contractor owns ten
or less than ten goods carriages at any time during the previous year and
furnishes a declaration to that effect along with his (PAN), to the person
paying or crediting such sum.
This amendment will take effect from 1st June, 2015.’
And how can one know whether the transporter has less then 10 goods carrier or more..
Will the transporter give declaration about how many carriers he owns during that year ?
CAclubindia
