Tds on chargeable issue of store item
This query is : Open
31 August 2011
Please help me and give your valuable opeinion
As per Incmoe tax Act, TDS is deductable at the time of paymnet in cash , cheque or any other mode or credit whicever is earlir. I have doubt whether TDS will be deductable if comany issue material to its contractor on chargeable basis. i.e. on issue of material ,amount equivalent to store item value is debited in contractor account as may be considered as payment by any other mode.
As per Incmoe tax Act, TDS is deductable at the time of paymnet in cash , cheque or any other mode or credit whicever is earlir. I have doubt whether TDS will be deductable if comany issue material to its contractor on chargeable basis. i.e. on issue of material ,amount equivalent to store item value is debited in contractor account as may be considered as payment by any other mode.
31 August 2011
if you are supplying material to your contractor for the work on same and you are charging for that than it will not be eligible for TDS under work Contract as per new definition of Work contract applicable from 01.10.2009.
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01 September 2011
Thank you sir for valuable reply and i m agree with your reply but mentioned section of TDS/work contract is applicable in case of manufacturing or supplying a product ......In my case comany rescived security service from other company issue store item like umbrell, torches, cylinder gass etc. to security service provider.Is the same rules are applicable in this case too.
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