During Audit i have found that tds is not deducted u/s 194c in case contract amt of freight is above Rs. 50000 with a party because form 15-1 is issued by the party...nw my question is wat is dis form-15-1 and wen it can be issued and who can issue...?
2 Replies
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 03 January 2009
TDS u/s 194C should not be deducted id the following conditions are satisfied:
- Consideration for work contract is paid by resident contractor to resident sub contractor.
- the resident subcontractor is a Individual
- the aforesaid amount is paid or payable to the sub contractor during the course of business of plying, hiring or leasing of goods carriages
- the resident sub contractor doers not own more than 2 goods carriages at any time during the PY.
- the resident sub contractor submits a declaration to the payer in Form 15I
Recent Topics
- TDS on gift from real brother into NRO account - s
- Treatment of Branch transfers under GST to differe
- What are the key factors to consider when selectin
- GST department monitoring financial transactions U
- Omr wrongly shaded
- RCM applicability if received from registered deal
- GST - bill to ship to
- TDS and GST ITC on Membership fees to club
- ITC on Canteen Services by Outsiders
- STPI/Non-STPI registration
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
