Tds
This query is : Resolved
10 June 2013
can any one guide me about what will comes under contract under TDS provisions?
10 June 2013
Any type of expenditure incurred related to work...like..printing and stationery,office maintenance. Basically you can say indirect expenditures are subject to TDS. But payment made to government department are not liable for tds deduction like...electricity bill payment, telephone Bill payment, payment of any kind of taxes or interest or penalty to government department,bank charges...
10 June 2013
Firstly thanks for replying me,but in this case a transport co purchased chasis and entered in to contract with one who build the lorry and paid to the party contract amount but not deducted tds what will be the consequences?
10 June 2013
In case of transporters tds is not to be deducted if transporter has provided PAN No..
10 June 2013
In my opinion TDS 194 C applicable .i can explain it as below
Section 194C explanation 4
(iv) "work" shall include—
(a)
(b)
(c)
(d)
(e) manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer,
but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.
So contract to build lorry from the stage of chasis would attract TDS under section 194C provided you have supplied the material/goods/spares to construct lorry
Section 194C explanation 4
(iv) "work" shall include—
(a)
(b)
(c)
(d)
(e) manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer,
but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.
So contract to build lorry from the stage of chasis would attract TDS under section 194C provided you have supplied the material/goods/spares to construct lorry
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