nikunj khanna (profession) (28 Points)
20 July 2009ACORDING TO SECTION 43B OF IT ACT AND RULE 6DD OF IT RULES, CASH PAYMENT ABOVE 20,000 IS DISALLOWED.
WHAT IS THE LIMIT FOR CASH PAYMENT FOR FREIGHT ,ETC. IN CASE OF TRANSPORTERS.
IF THERE IS ANY SUCH NOTIFICATION, WHEN SUCH IS APPLICABLE FROM?
CA Amit Goyal
(PARTNER)
(71 Points)
Replied 20 July 2009
HI.
In the Current Budget the FM has increase the payment limit to Rs. 35000 for the Freight and payment to Transporation Services.
CA Amit Goyal
(PARTNER)
(71 Points)
Replied 20 July 2009
transactions effected on or after October 1, 2009
kariyappa.S.C
(Finance Professional)
(79 Points)
Replied 21 July 2009
Hai,
In the new budget freight comes under tds or not and it comes what is the percentageof dedection of tds
Regards
Kariyappa
CA Amit Goyal
(PARTNER)
(71 Points)
Replied 21 July 2009
Hi Kariyappa
As i understand from the budget now the freight is not cover under sec 194C hence there will be no TDS if the transporter provide the PAN No. and further there is one more requirment has been added that the Company who has made the payment to transporter will submit the details to income tax department that contain the transporter name and total amount of payment made to that party.
Regards,
CA Amit Goyal
CA Harsh Joshi
(CA)
(23 Points)
Replied 21 July 2009
An exception is introduced in section 40(3), the limit is increased to Rs. 35000 in case of payment for plying hire or leasing of goods or carriage.
Transportors who furnish their PAN nos. would not be subject to TDS w.e.f. 1/10/2009.
SUNIL SINGH
(Auditor)
(46 Points)
Replied 29 September 2009
WHAT IS THE NOTIFICATION No. OF NOT DEDUCTING TDS ON TRANSPORTERS?
AND WHAT IS PROCEDURE OF SUBMITTING THE THE DETAILS OF THE SAME TO TH INCOME TAX DEPARTMENT?
Sunil JAin
(Practice)
(24 Points)
Replied 30 November 2009
In case of Transporters Cash upto 35000/- can be made.
Shashi Bhushan
(Learner, Jalandhar)
(996 Points)
Replied 01 December 2009
Harshal
(Article Assistant )
(182 Points)
Replied 01 December 2009
Firstly Nikunj...cash payment of more than Rs. 35,000/- (amended) is disallowed under sec 40(A)(3)...
Secondly now no need to deduct TDS on transporters bills...
Thirdly the cash payment has been enhanced to Rs. 35000/-...
MITU....
(ARTICLE Assistant)
(210 Points)
Replied 01 December 2009
W.E.F. 1ST OCT 2009 RS 35000/- CAN BE MADE IN CASH FOR TRANSPORTERS
VIPUL
(ARTICLE ASSITANT)
(68 Points)
Replied 26 December 2009
in july -2009 budget finance minister announced that for all the assessee limit is 20000/- but for the transporters limit is 35000/-
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