Budget 2015-16 has amended the sub-section
(6) of the section 194C of Income Tax Act, 1961.
Clause 43 of Finance Bill, 2015 - In
section 194C of the Income-tax Act, in sub-section (6), with effect from the
1st day of June, 2015, for the words “on furnishing of”, the words “where such
contractor owns ten or less goods carriages at any time during the previous
year and furnishes a declaration to that effect along with” shall be
substituted.
It provide that no TDS shall be deducted
where such contractor owns ten or less than ten goods carriages at any time
during the previous year and furnishes a declaration to that effect along with
his (PAN).
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Rate of TDS on Payment to
Transporter w.e.f 01-06-2015
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Particulars
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Having More than 10
Vehicles
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Having Less than 10
Vehicles
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Declaration Given
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Declaration not Given
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If a transporter is
Individual, HUF
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1%
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NIL
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1%
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In other Case
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2%
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NIL
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2%
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· No
TDS shall be deducted if single payment is less than Rs. 30000/- and yearly
payment is less than Rs. 75000/-
· If
no PAN is given by the transporter than TDS shall be deducted @20%
