Sec 194c

This query is : Resolved

seeta (Querist)
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04 June 2016 I am Individual having business and cover under audit in FY 2015-16 paid freight to 7 transports out of which 4 payment in more than 75000.00
(i) I have not deducted TDS on freight payment? Know what to do
(ii) Total of amount of freight above Rs.75000.00 comes to 500000.00
(iii) Please tell me how much interest & penalty i have to pay
(iv) Is there any way to resolve this problem

Kindly reply us on urgent basis

Ganeshbabu K

Ganeshbabu K (Expert)
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04 June 2016 Solution to solve problem,,,,,,

Obtain declaration from those 4 transporters that they dont own more than 10 vehicles

http://iccma.com/budget_15-16/declaration-from-transporter-TDS.pdf

failing which it is disallowed as an expence

Interest and penalty computation requires your date of bill and date of payment dates

Contact your tax consultant for discharging this formalities