05 June 2015
it for transporter to deduct the tds on transport.
New Provision effective June 1, 2015 The new provision of Section 194C, as was informed earlier at the time of the Union Budget, restricts the cases for non-deduction of tax. Non deduction of tax will be available only for small transport operators owning not more than 10 goods carriages. The relevant extract of the amended provision is as under: “Section 194C Sub section (6) 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 during the course of plying, hiring and leasing goods carriages, where such contractor owns ten or less goods carriage at any time during the previous year and furnishes a declaration to that effect along with his Permanent Account Number, to the person paying or crediting such sum.” -
If transporter is not owning more than 10 goods carriage at any time during the previous year, then we, as payers (Tax deductors) have to obtain a declaration from transporter along with his copy of PAN before credit or payment to transporter, whichever is earlier - See more at: http://taxguru.in/income-tax/tds-payments-transporters-amendment-section-194c-wef-june-1-2015-undertaking-format.html#sthash.1hDxN3dz.dpuf
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