CA k J Patel (practice) (68 Points)
09 November 2012hi friends,
in section 194-c it is stated that "No Deduction shall be made from any sum paid during the previous year to the account of a contractor during the course of business of plying,hiring or leasing goods carraige on furnishing HIS PAN to the person paying such sum.
Now can anybody suggest that this HIS word include FIRM and,AOP or it is only related to INDIVIDUAL means properietory concern? URGENT
Thanks in Advance
Ranganathan K
(Manager-Accounts & Audit)
(329 Points)
Replied 10 November 2012
As per my knowledge, it includes all, i.e individual, companies, firms, AOP etc., Because, it says "paid to the account of a contractor". So, the word "contractor" absorbs everyone and "his" represents everyone.
Now you read out the para once again below:
"194C(6) No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum"
Raghavendra B. kuber
(Accounts Executive)
(88 Points)
Replied 10 November 2012
CAclubindia
