Arun Mazumdar (Executive-Accounts&Finance) (58 Points)
19 September 2009Hi, I have wroking in a MFI ,and during my audit report A auditor raised a point that we not deducted the TDS on harring a Car.My view/ explaintion to him is that ,nighter we have such any written contract with the traval company,and nor our payment is more than 20000/-per cont. or 50000/-Pa.(As per Sec.194C).Kindly give your views on this issue?
kindly provide your view also on that,TDS on harring a Car should be chagred U/S 194C or 194I ?
KRISHNA KUMAR R C
(CHARTERED ACCOUNTANT)
(313 Points)
Replied 19 September 2009
Tds has to be done under section 194C of the Income Tax Act,1961. There is no necessary that the agreement should be in writing, even if you have asked for vehivle over phone also will make the transaction as Contarct.
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