Abount tds

This query is : Resolved

N Ramesh (Querist)
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28 October 2008 here is one transporter.heis the regular transporter to deliver materials to Tata motors . sir i have not deducted TDS amount againt his bill last four months.Please give me idea how could i dedicted tds

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 October 2008 I think section 194C attracts. For details you may see www.incometaxindia.gov.in

Shekar

Shekar (Expert)
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28 October 2008 Hi Ramesh...u can deduct TDS u/s 194C (AT THE RATE OF 2.266% OR 2.06%)from NEXT BILL...make sure u recover TDS for previous bills also(otherwuise expense will be disallowed)..

And one more important point is TDS u/s 194C will be apllicable only if your payment to party exceeds Rs.20000 in single payment or Rs.50000 in aggregate in any financial year...

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