What is the intimate procedure to I. tax Dept., If we make the payment to transporters without deducting TDS (as they have PAN)? and what is the prescribed Format? (Sec-194-C)
2 Replies
AKSHAY D. C.
(AUDIT AND ACCOUNTS EXECUTIVE)
(26 Points)
Replied 03 April 2010
Instead of doing so, better pay TDS along with interest & recover the TDS part from the party (Transporter) if the transporter agrees to pay, then well n good, otherwise company has to bear the TDS amount, as it is the duty of accountant to check the criteria of TDS everytime while making payment to the party (Slabs & rates). So its the failure of Company , I dont think I.T. Dept will grant any solution on it....
still if u want u can intimate the same to IT Dept in a formal letter ... no prescribed form is there... ( if anyone have the format plese provide him),
instead of intimating ITDept , better intimate the party (Transporter).
this is what i can suggest to u...
Shyam Lal Naik
(Service)
(6156 Points)
Replied 03 April 2010
Dear Manish,
The format is yet to be prescribed. Information shall be furnished only after the form and manner is prescribed. Till than there is no requirement to intimate the department. Further, in view of express provision of the law, TDS is not to be deducted from transporter.
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