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Transporter TDS

Pankaj (sudent) (91 Points)

07 April 2010

what is current rate for transporter ?is that any circular

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19 Replies

Rajat Singhal CA,CS,CFA (Senior Manager (F&A)) (254 Points)
Replied 07 April 2010

Hello Pankaj,

If transporter furnishes the PAN no. then there will ne no deduction of tax otherwise TDS had to be deducted at the rate of 20%

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Pankaj (sudent) (91 Points)
Replied 07 April 2010

Originally posted by : Rajat Singhal CA,CS,CFA
	*Any circular for that*

Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 07 April 2010

Dear Mr. Rajat

Furnish means in what way, wheter LR / Bill duly printed or put rubber stamp?. In case of individual, how we know whether he owner of the submitted LR / Bill or not?

Waiting for your reply.

Thanks

Originally posted by : Rajat Singhal CA,CS,CFA

Hello Pankaj,

If transporter furnishes the PAN no. then there will ne no deduction of tax otherwise TDS had to be deducted at the rate of 20%

CA.TAPAS DALAR (CHARTERED ACCOUNTANT) (130 Points)
Replied 07 April 2010

well pankaj, Rajat and Deepak are absolutely correct but there is no circular to this effect. This is applicable from 1st October, 2009 after the amendment by the Interim Budget.

(Guest)

Section 194C has been substituted with a new section 194C with effect from 1-10-2009 by Finance (No.2) Act.

Subsection (6) of new Section 194C reads as follows:

"No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor duirng the course of business of playing, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, tothe person paying or creding such sum"

The income tax act has been amended by the finance act 2009 by the above. So no notification will be available

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Shikha Bajaj (CA ) (433 Points)
Replied 07 April 2010

Agree with all above.

Raj Saxena (1412th Tiger) (Struggling Student) (272 Points)
Replied 07 April 2010

Gud discussion. Thanx

Arros (RM) (69 Points)
Replied 07 April 2010

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Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 07 April 2010

Dear All

Thanks for your reply, but my qeury is in case of Individual, he submitts his PAN and LR in favour of Firm name. Then how we know he is owner of submitted LR. Practically indivual transporter uses another transporter LR and put the PAN of own. In this case what we have to do.