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I'm a Taiwaness, and my boss have investment in india. I
have a question about TDS. If I rent a one day car that
doesn't sign any contract or agreement, should I pay the
TDS or should I dedcut TDS from payment of this
expenditure.
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If payment is made through cheque then it is neccessary,
but also if payment is made through cash and vendor made
taxable invoice with service tax then both circumstances
it is applicable. But if payment is made by cash without
taxable invoice then no need to pay tds.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sumancwa
Provisions of 194C are applicable to all types of Contracts for carrying out any work, Such as Transport contracats, service contracts, labour contracts, material contracts as well as works contracts etc..
Where the payment made under the contract is likely to exceed Rs.20,000/- for entire period of Financial Year, Tax should be deducted at source. Where initial contract price is Less then Rs.20,000/-, But later on the payment exceeds that amount, deduction should be made in respect of earlier payments as well.
In this case, You are doing Vehicle Hiring Business, means Transport Contract. Eventhough you dint sing on any agreement.You must follow TDS Rules.
| Is This Answer Correct ? | 1 Yes | 0 No |
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