For tds deposit ? to distinguish between psu & govt. co.

bujjulu (e-TDS + IT return filer Hyderabad) (727 Points)

16 August 2013

As the Govt. deductors has to deposit on the same day , and others by 7th of the following month

I want to know how to distinguish PSU and Govt. co.

For example banks are considered PSUs and the companies like NMDC, National Textiles are considered Govt.

I want the legal provisions to convince myself as well as my clients .

(here 1 may note some govt. offices pay through book adjustment some companies through challan)

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SIVASIVA (FCA, Future CA) (4935 Points)
Replied 16 August 2013

The organisations which are directly controlled by government, through ministries and departments are Government. for eg: ONGC, OIL, CIL, NLC...

the definition is

"617. DEFINITION OF "GOVERNMENT COMPANY"

For the purposes of this Act, Government company means any company in which not less than fifty-one per cent of

the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly

by the Central Government and partly by one or more State Governments and includes a company which is a

subsidiary of a Government company as thus defined."

bujjulu (e-TDS + IT return filer Hyderabad) (727 Points)
Replied 18 August 2013

Thank you.

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