Tds on contract
lakshmikant (student) (44 Points)
11 July 2012lakshmikant (student) (44 Points)
11 July 2012
Parihar Gopal
(Corporate Taxation )
(392 Points)
Replied 11 July 2012
(U/S 194 C Subsection -4 -) No TDS is required to be made by an individual or a HUF where payment is required to be
made to the contractor for the work carried out for the personal purpose of such
individual/HUF
pravin
(Audit)
(26 Points)
Replied 11 July 2012
CA.Saibaburao Nanduri
(Chartered Accountant)
(3847 Points)
Replied 11 July 2012
Dear Mr. Lakshmikant !
Let us examine what the Section 194C (4) and (5) which are more relevant in this case.
The extract of the said Section is as follows:
194C (4) No individual or Hindu undivided family shall be liable to deduct income-tax on the sum credited or paid to the account of the contractor where such sum is credited or paid exclusively for personal purposes of such individual or any member of Hindu undivided family.
194C(5) No deduction shall be made from the amount of any sum credited or paid or likely to be credited or paid to the account of, or to, the contractor, if such sum does not exceed [thirty] thousand rupees
Hope your doubt is cleared as per the Sections cited above.
nitin
(C.A. Final 2nd group)
(58 Points)
Replied 11 July 2012
No TDS is required to be deducted u/s 194C & 194J for any sum paid for personal purpose....
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