TDS on carriage
This query is : Resolved
09 December 2010
Carriage paid to transporter during the year more than 4.50 Lacs whether the purchaser is liable to deduct TDS u/s 194C if not whether this amount of carriage is not allowable as expenses ?
Pls help
Pls help
10 December 2010
Who ever is making payment directly to transporter have to deduct TDs u/s 194C.
10 December 2010
If this amount was paid in the year 2009-2010, and if the transporter has PAN, then it is okay if you have not deducted TDS.
However, if PAN is not available you should have deducted TDS @2% failing which the expenditure will get disallowed.
You can still pay the TDS amount with interest and get the deduction in the year of deposit of TDS with the govt.
However, if PAN is not available you should have deducted TDS @2% failing which the expenditure will get disallowed.
You can still pay the TDS amount with interest and get the deduction in the year of deposit of TDS with the govt.
10 December 2010
Pl clarify whether the payment is to a single transporter or many? also it is needed whether the transporter is individual or others? Then only we can solve the query accurately.
13 December 2010
Anisha Ray says...
However, if PAN is not available you should have deducted TDS @2% failing which the expenditure will get disallowed.
i think TDS in that case would be 20 % not 2%
However, if PAN is not available you should have deducted TDS @2% failing which the expenditure will get disallowed.
i think TDS in that case would be 20 % not 2%
14 December 2010
The rule of deducting 20% is applicable from April 2010. If the expense has been incurred before April 2010, it will remain at 2%, if after April 2010, it will be 20%.
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