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%
19 Replies
Pankaj
(sudent)
(91 Points)
Replied 07 April 2010
| Originally posted by : Rajat Singhal CA,CS,CFA | ||
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Any circular for that |
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Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 07 April 2010
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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 |
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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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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
Raj Saxena (1412th Tiger)
(Struggling Student)
(272 Points)
Replied 07 April 2010
Gud discussion. Thanx
Arros
(RM)
(69 Points)
Replied 07 April 2010
"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,
_______________________
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.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 07 April 2010
No TDS would be deducted from transporter if he/she quotes his/her PAN, otherwise TDS would be deducted @ 20%......
A.K.Banik
(Tax Consultant)
(1596 Points)
Replied 07 April 2010
AS PER BUDGET PRESENTED ON 26.02.10
the proposed rate of TDS remain the same as b4, but the thresold limit for TDS provision has been increased as following wef 01.07.10 :
u/s 194 c -> Rs. 20,000/Rs. 50,000 to Rs. 30,000/ Rs. 75,000
u/s 194 h -> Rs. 2,500 to Rs. 5,000
u/s 194 i -> Rs. 1,20,000 to Rs. 1,80,000
CA. Mithilesh kr. Singh
(PROFESSIONAL )
(45 Points)
Replied 07 April 2010
IF TRANSPORTER DOES NOT FURNISH PAN THE TDS SHALL BE DEDUCTED @ 2%
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 07 April 2010
Dear Mithilesh, in that case TDS shall be deducted @ 20%, not @ 2%.............
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