Tds on ontractors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2013
dear sir,
My client is a trustee of one of the religious trust. During fy 2012-13, a temple has been constructed by the trust. They have received around rs 12 lakhs as donations out of which a temple has been constructed.
Is it necessary for the trust to deduct tds out of the payment made to contractors for construction purpose..?
Cost of construction has been capitalized but is it necessary to deduct tds u/s 194 c..?
Please help freinds..
My client is a trustee of one of the religious trust. During fy 2012-13, a temple has been constructed by the trust. They have received around rs 12 lakhs as donations out of which a temple has been constructed.
Is it necessary for the trust to deduct tds out of the payment made to contractors for construction purpose..?
Cost of construction has been capitalized but is it necessary to deduct tds u/s 194 c..?
Please help freinds..
Pankaj Gupta
(Expert)
12 May 2013
yes the trust need to deduct tds on the payment to contractor. Deduction will be 1% or 2% as per the status of contractor.
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