TDS ON TRANSPORT AGENCY

[SURYAKANT MITHBAVKAR]

Please provide us TDS deduction Condition on transport Agency as per latest notification.

AI Summary

TDS on Transport Agencies: Section 194C Exemption for Contractors with Ten or Fewer Vehicles, PAN Declaration Required. A query was raised regarding the conditions for Tax Deducted at Source (TDS) on transport agencies as per the latest notification. In response, it was clarified that according to the Finance Act 2015, effective from June 1, 2015, TDS under section 194C applies unless the transport contractor owns ten or fewer goods carriages and provides a declaration with their PAN. The payer must report these details in Form 26Q to the income tax department. If the contractor fails to provide the declaration and PAN, TDS will be applicable, with no separate notification needed.