14 May 2011
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 business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum.
whether payment for loading/unloading will also be covered under this clause.
194C(7) The person responsible for paying or crediting any sum to the person referred to in sub-section (6) shall furnish, to the prescribed income-tax authority or the person authorised by it, such particulars, in such form and within such time as may be prescribed
which form required to be submitted by the payer... pls answer urgently
14 May 2011
If the transporter gives a composite bill of loading and unloading, then the same shall be considered for exemption. The details are to be submitted in the TDS return itself.
16 May 2011
There is no where mentioned in the Act that if there is composite bill, then no TDS. Its pure logic.
Second thing, why TDS Return? The reason is that transport payment is TDS eligible and not TDS exempt. The only thing is that the rate of TDS is 0%. So, it is mandatory to file return.
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