12 December 2011
TDS is deducted as per the provision of section 190 to 195 of income tax act. Please go through the same and check whether the purchased of fixed assets is covered there or not. Pls do some research.
12 December 2011
TDS is an exhaustive chapter and not an illustrative chapter.
This means that TDS is to be deducted only on the payments specified in the respective Sections.
Only the payments specified in the respective Sections fall within the perview of TDS.
All other payments are outside the perview of TDS.
Accordingly, since no Section deals with TDS to be deducted on the purchase of fixed assets, TDS is not required to be deducted on purchase of fixed assets.
There is no need for a separate Section to exclude requirement for deducting TDS on some payments.
Payments not covered in the chapter of TDS are automatically excluded.
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