Tds
This query is : Resolved
28 July 2020
Sir
A proprietor gets the bill from a private limited company for availing the transport services by it on the basis of sub-contractor. While making payment, Can the proprietor deduct the tds on the payment to be made to the company if there is no TAN Number?
If yes, should deduct tds @ 2% on the name of the company
OR @1% on the director as he is the owner of trucks?
thanks in adv
A proprietor gets the bill from a private limited company for availing the transport services by it on the basis of sub-contractor. While making payment, Can the proprietor deduct the tds on the payment to be made to the company if there is no TAN Number?
If yes, should deduct tds @ 2% on the name of the company
OR @1% on the director as he is the owner of trucks?
thanks in adv
28 July 2020
Yes, the proprietor is liable to deduct TDS, and TAN is compulsory. If he doesn't have TAN, then he has to apply for it.
The rate of Deduction will be 2%.
If the payment is made for personal purposes (i.e., services received were not used for business purposes) or bill amount is less than Rs. 30000 then he will not be required to deduct TDS.
The rate of Deduction will be 2%.
If the payment is made for personal purposes (i.e., services received were not used for business purposes) or bill amount is less than Rs. 30000 then he will not be required to deduct TDS.
28 July 2020
Sorry, The Rate of TDS will be 1.50%, not 2%
29 July 2020
Kindly let me know the notification number for tds of 1.5% please because I have to show it with our directors.
And
Can the company ( as it is having the business of transport services) submit the TDS declaration form U/S.194C (6) of IT Act,1961 to Proprietorship for non-deduction of tds ?
guide me please
thanks in adv
Kindly let me know the notification number for tds of 1.5% please because I have to show it with our directors.
And
Can the company ( as it is having the business of transport services) submit the TDS declaration form U/S.194C (6) of IT Act,1961 to Proprietorship for non-deduction of tds ?
guide me please
thanks in adv
29 July 2020
Please Refer the Press Release for reduced rate of TDS.https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/834/Press-Release-Reduction-in-TDS-TCS-Rates-dated-14-05-2020.pdf
29 July 2020
Yes, a company can give a declaration with its PAN for non deducting TDS provided the company owns not more than 10 goods carriage in the previous year.
29 July 2020
Sir
One More doubt please,
In case if the company has no trucks on its own name but Only the director of company is having more than 10 trucks, Can a company submit the tds declaration form?
One More doubt please,
In case if the company has no trucks on its own name but Only the director of company is having more than 10 trucks, Can a company submit the tds declaration form?
29 July 2020
No, if the transporter company is in the possession of more than 10 trucks. it cannot take immunity u/s 194C (6).
29 July 2020
thank You very much sir
29 July 2020
You are welcome Sankar Ponnan.
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