Dear Shailendra.
It is better to get TDS deducted as the date of Invoice as well as Services rendered both of earlier period i.e. before 1/10/2009
TDS on transport
Page no : 3
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 30 December 2009
TDS to be deducted................
CA Jayesh Gokalgandhi
(CA in Industry)
(126 Points)
Replied 30 December 2009
Frankly i havnt read all the replies that u have received but let me tell u my understanding and this is something that we follow in my organisation.
1. TDS is deductable on date of payment or credit whichever is earlier. Let me elaborate.. This means that the date on which the transaction enter the books is the most important date for determining the rate of TDS.. this can be either date of payment or date of booking of invoice or the date of creating a provision in books.. it doesn't matter.
2. The in instant case if the conditions prescribed in section 194c have been fulfiled then there is no liability to deduct TDS.
Hope this helps!
CA. Aditya Ik Jain
(FPM)
(62 Points)
Replied 31 December 2009
No tds would be deducted for transporter services
Dhaval
(Manager Finance )
(26 Points)
Replied 31 December 2009
| Originally posted by : shailendra | ||
 |
Futher to this conversation, I want to know, is there any requirement to inform the Income tax departmetn about list of transporter whose TDS we have not dedcuted? Is there any form presecribed by IT department? Dhaval |
 |
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 31 December 2009
| Originally posted by : shailendra | ||
|
I have seen a practical case in my recent Audit. I am explaining it here, i need your comments...... Remember that w.e.f 1.10.2009 TDS on transporter of goods is NIL. what i have seen is transporter has rendered its service on 29.09.2009 and bill date is 29.09.2009. But the company has booked its invoice on 2.10.2009. Will the booking on 02.10.2009 is liable to TDS. According to me company is liable to deduct TDS since service has been rendered before 01.10.2009. What are your comments? |
|
Hi shailendra!
The rendering of service do not matter but what matters is the date of provision of credit in the books of the debtor. In your case the date of payment / credit (whichever is earlier) comes after 01/10/2009. Thus TDS need not be deducted.
Pradip Gohil
(Chief Executive)
(131 Points)
Replied 31 December 2009
Dear Shailendra
Provision of non deduction of TDS applicable in case of only if Valid PAN is available. Otherwise,you need to deduct TDS @ 20 % + +.
There is nothing to report to Income Tax Authority except to proov it as and where required.
Kaaliyappan
(Accoutnant)
(29 Points)
Replied 01 January 2010
TDS does not deduct to transport service parties when they submit their PAN Number.
it is w.e.f.01-10-2009
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 04 January 2010
I think we should conclude that TDS should not be deducted(according to original query). As the date of booking the entry was 2/10/2009
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 04 January 2010
I think we should conclude that TDS should not be deducted(according to original query). As the date of booking the entry was 2/10/2009
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