My Building construction company have purchase of LIFTS . Can we Deduct TDS on Lifts ? If yes, kindly give me details.
7 Replies
Tushar Arora
(CA Finalist & Article)
(179 Points)
Replied 10 November 2011
tds is not applicable on purchases.so you dont have to deduct tds on purchase of lift.
Ritesh khurana
(CA student)
(175 Points)
Replied 10 November 2011
No tds on purchases, Tds will be deducted at the time of installation under sec -194C
Srikanth
(Accountant)
(28 Points)
Replied 09 May 2014
Hi All,
Purchase of lift involves erection, installtion vendor will charge both vat and service tax in this case how to treat it comes under work contract.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 09 May 2014
TDS is not applicable on purchase of lifts but applicable on installation charges @ 1% or 2% as the case may be
but if vendor provides cumulative price i.e inclusive of installation charges than better to deduct TDS on entire amount i.e lift cost plus installation.
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