27 September 2008
We regularly hire trucks from truck stand for despatch of consignment.
There is no formal contract with any of the truck /tempo owner.
They are called from stand as & when required.nervethless payment to single party during the year to a party exceeds Rs. 50000/-. will this attract the tds given the nature of transactions.
27 September 2008
S. Certainly. Whenever the payment is made it has to be deducted. Deducting and paying to the Government is not only the statutory requirement. But it is the duty of a citizen to pay tax for the development of economy.
Please do not think that tax payment is liability; it is a contribution to the welfare of the nation.
CAclubindia
