CA Parag Jani (BCom CA DISA Forensic Auditor) (288 Points)
20 November 2009Hello everyone! my question is
"In case of payments made to transporters who are individual transporters owning just one goods carriage vehicle, should TDS be deducted for payments made on or after 01-10-09? and If yes at what rates? THE TRANSPORTERS HAVE SUBMITTED THEIR PANs. So what should be the manner for the deductor to furnish these PANs to IT Department? Should he furnish the same via quarterly TDS returns with NIL tds amounts or in what manner?
Plz advise
Deeps
(Article Assisstant)
(2485 Points)
Replied 20 November 2009
hi, the deduction of TDS is based on the amount paid to him. So if the payment is in excess of Rs. 20,000 per contract or Rs. 50,000 pa and if the individual provided PAN, then TDS is 1%.
I think i answered your first part of the query.
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 20 November 2009
TDS need not be deducted if Transporter Furnishes PAN.But the deductor has to furnish the details in the prescribed Format
CA Parag Jani
(BCom CA DISA Forensic Auditor)
(288 Points)
Replied 21 November 2009
In some websites, i read that the rule that TDS SHOULD NOT BE DEDUCTED IN CASE TRANSPORTER FURNISHES PAN IS W.E.F. 01-04-2010. so what's truth?
seema
(MANAGER)
(22 Points)
Replied 26 November 2009
No Tds will be deducted on transporter if we are making payment after 01.10.2009 (first part answer)
2nd part answer, when tds is not deucted then there is no need to mention 0 tax amount in quarterly return.
I hope same clear the query.
VNS Sarma, Advocate
(Tax Consultant & Advocate)
(123 Points)
Replied 27 May 2010
Regarding 2nd part of the Question: The deduction has to submit the PAN details received in presctibed manner. But till now, it seems, no Form is prescribed.!
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