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TDS

SAI VENKATA RADHA KRISHNA (Finance Manager) (24 Points)

22 May 2010

Dear Sir,

TDS deduction for transporters per transporter how much business value eligible for tds deduction per annum or per month.

radha

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7 Replies

Varun.T.K (CA Final, CS Executive) (365 Points)
Replied 22 May 2010

TDS is not be deducted in case of transporter payments if the person discloses his PAN Number. If not, 20% has to be deducted.

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DT Fundas - Tarun rustagi ( Author) (1150 Points)
Replied 23 May 2010

as per amendment made by finance act 09 tds is not required to be deducted in case of transporters if they furnish their pan but if not then rate of tds is 1% for individual and 2% in any other case for f/y 09-10 and this rate will be 20% for f/y 10-11 if they not furnish their pan.

regards

tarun rustagi

DT Fundas - Tarun rustagi ( Author) (1150 Points)
Replied 23 May 2010

monetary limit is not relevant if they furnish their pan but if not the rs.20000 for single contract and rs.50000 in case of multiple contract.

regards

tarun rustagi

CMA.Baskar.V (Cost Accountant) (400 Points)
Replied 23 May 2010

Dear tarun ji,

Transaction Limit defined for contractors, in single transaction Rs.20,000/- (if contractor charges Rs.20000/- or more in single invoice) or Rs.50000/- as annual transaction limit.

CMA.Baskar.V (Cost Accountant) (400 Points)
Replied 23 May 2010

Dear Radha

for transports contractors no need to deduct TDS if they provide PAN number.........if not 20% has to deduct..............

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Gopal G (CA Final ) (44 Points)
Replied 24 May 2010

Dear Radha,

CMA Bhasker V is correct. But you please update yourself, threshold limit for TDS is extended in Union budget 2010 as below.

194C -contractor >= Rs. 30,000/- (earlier it was Rs.20,000/-), and for multiple transaction together, it is Rs.75,000/- (earlier it was Rs.50,000/-).

*These amendments are proposed to take effect from 1st July, 2010

karthik (audit staff) (87 Points)
Replied 25 May 2010

if a transporter is having a goods carriage transport and they giving a PAN no. then you have not deduct the TDS from 1.10.2009. other wise you can deduct TDS @ 2% for Company others 1%

Records

KARTHIK.K