NAMAN SINGHAL (CA final , CS final) (228 Points)
17 November 2009as per the finance bill 2009 there is no need to deduct any tax on services rendered by transporter with effect from 1st october.
my query is if the services were rendered in september,09 . & the bill date is of sep,09 , but we are bookin in oct,o9 . so whether the tds shud be deducted on d same.
plz reply along with reasons
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 17 November 2009
TDS is not attracted on payments to transporters if PAN is available.
Though you are booking the bill in October 09,the expenditure relates to september 09.TDS is deducted on payment or credit basis ,whichever is earlier.The transporter became your creditor in the month of september itself.Hence you need to deduct TDS.
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