Tds on cash payment
This query is : Resolved
07 August 2019
Please let know if freight of 1500/- can be paid from petty cash without TDS deduction. what if the vendor is already registered with us but there is another branch which can only provide cash memo.
will there be any TDS deduction for such small cash payments? How does the industry practice? as practically its not possible in sites to deduct pennies & send transport the material.
will there be any TDS deduction for such small cash payments? How does the industry practice? as practically its not possible in sites to deduct pennies & send transport the material.
13 February 2020
TDS not to be done for such small payments.
13 February 2020
Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of:
1% in case if the payee is an Individual or a Hindu Undivided Family, and
2% in case of other payees (i.e. partnership firm, company, trust, body of individuals or association of persons)
In case, if such payment exceeds Rs. 30,000 per contract or aggregate of such payments of contracts in a financial year exceeds Rs. 100,000.
1% in case if the payee is an Individual or a Hindu Undivided Family, and
2% in case of other payees (i.e. partnership firm, company, trust, body of individuals or association of persons)
In case, if such payment exceeds Rs. 30,000 per contract or aggregate of such payments of contracts in a financial year exceeds Rs. 100,000.
13 February 2020
Non-deduction of tax will be available for the small transporters owning not more than 10 goods carriages
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