RAJ KUMAR (FINANCE MANAGER) (1393 Points)
29 January 2011HELLO FRIENDS, IF A PERSON IS MAKING PAYMENTS TO THE TRANSPORTER DURING THE YEAR BUT EACH PAYMENT DOES NOT EXCEED 20,000 BUT IN THE YEAR END IT HAS EXCEEDED RS. 50,000.
NOW PLS. TELL ME WHEN TO DEDUCT TDS AND ON WHAT AMOUNT?
WHETHER ON TOTAL AMT. PAID AND AT THE YEAR END.
PLS. REPLY.
Pankaj Arora
(Learner)
(3134 Points)
Replied 29 January 2011
First of all if transported have pan than no need to deduct tds only you have show detail of reason for deduction in return and one more thing is threshold limit for single bill in current f.y. is 30,000/- and 75,000/- in whole year.
Srinivas
(Finance & Accounts)
(107 Points)
Replied 29 January 2011
1) Pls note that a transporter having PAN, then no need to deduct TDS on his Bills.
2) If the transporter does not have PAN, deduct 20% of TDS on his Bills.
The Bill amount whatever it may be in above two situations.
In other cases, against sec.194C-Contractors: If Single Bill amount exceeds 30000/- then deduct TDS as at applicable rate and the total value of Bills in a year exceeds 75000/- then the same is liable to deduct TDS.
Hope the above will clarified your query.
-Srinivas
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 29 January 2011
SUPPOSE IT IS A CONTRACTUAL PAYMENT NOT TO THE TRANSPORTER THEN WHAT WILL BE THE ANS.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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