Income tax and Audit

This query is : Resolved

CA Mahesh Vekariya (Querist)
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16 April 2010 I am doing the Statutory Audit of one PSU .During the Audit I found that they had made payment of Rs.97000 for Printing & Supplying the the Table Diaries (i.e 1500 Nos.)

Whether TDS is deducted from this payment or not?

Plz help me.....

CA. Ashish Bihani

CA. Ashish Bihani (Expert)
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16 April 2010 In my opinion, yes it has to be deducted..

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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16 April 2010 As per circular No 714 dated 03-08-1995 :

1Question 15 : Whether section 194C would apply in respect of supply of printed material as per prescribed specifications ?
Answer : Yes.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 April 2010 w.e.f 01/10/2009 tax need not be deducted under section 194C on such transactions. The circular cited by Basal Ji is based on the pre amended section 194C.

CA. Ashish Bihani

CA. Ashish Bihani (Expert)
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16 April 2010 Thank you Sir for your expert views..