Cash payment exceeding 35000 for transporter
This query is : Resolved
01 March 2014
if payment to transporter made in same day 4 payment of 25000 each with different memo no. or for different trucks is it allowed ?
01 March 2014
if transporter is one then u/s 40a3 will be applicable
01 March 2014
if in a single day All payments made to same transporter exceeds 35000 then it is disallowed under section 40A(3)
01 March 2014
Yes. it will be disallowed
01 March 2014
If a single payment is made above 35000 it will b disallowed. But as per ur case the Memo No. & party's r different so it is fully allowed. The limit is not based on single day But based on single payment to the same party in same Vchr or memo No.
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01 March 2014
if 4 payment 25000 with different memo or for trucks are allowed then any limit on payment if payment made to single transporter with different memo no.?
and is it attract rule of tds to payment to contractor and subcontractor
and is it attract rule of tds to payment to contractor and subcontractor
01 March 2014
It will charge TDS u/s 194C. And try to understand, if there r 2 memos with amount of Rs. 25000 each then it is fully allowed, but suppose the memos r of amount Rs. 35001 & Rs 14999 then 2nd memo is allowable & the 1st one will b disallowed.
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01 March 2014
suppose company consider one memo is one truck
in this situation if single memo no of eg.458 with 2 voucher of 30000 each in single day for same transporter...
then plz explain ....
in this situation if single memo no of eg.458 with 2 voucher of 30000 each in single day for same transporter...
then plz explain ....
01 March 2014
Fully allowed Coz, u hv separate Vchrs amounting Rs. 30000 eash which is below Rs. 35000.
02 March 2014
Mr. Sandeep Dharar
kindly refer Tds provisions well.
TDS WIll not be applicable to transporters if PAN is provided.
If all payment made to one transporter then it will be disallowed.
kindly refer Tds provisions well.
TDS WIll not be applicable to transporters if PAN is provided.
If all payment made to one transporter then it will be disallowed.
02 March 2014
well there have been views that where separate bills have been issued, cash payments against the same may not be clubbed for 40A(3).
However, it is a difficult argument given that it is very hard to prove whether it was genuine different bills or splitting of a single bill.
However, it is a difficult argument given that it is very hard to prove whether it was genuine different bills or splitting of a single bill.
04 March 2014
Mr hardik Bunha, It is known to Chandan that if PAN is quoted then 0% TDS is deducted(i.e, no TDS) & if no PAN then it is 20%. But me saying abt 40A(3) & not TDS.
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