Tds for partnership firm
shashi kiran (6 Points)
03 May 2024shashi kiran (6 Points)
03 May 2024
Nikhil Kaushik
(Fellow CA)
(85432 Points)
Replied 03 May 2024
yes. TDS is applicable in such case. If the rent exceeds Rs 2.4 Lakhs, there is no exemption from TDS deduction for firms regardless of wether audit is applicable or not.
shashi kiran
(6 Points)
Replied 03 May 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(614 Points)
Replied 03 May 2024
YES, TDS should be deducted in the case of Firm if amount cross threshold limit
Nikhil Kaushik
(Fellow CA)
(85432 Points)
Replied 03 May 2024
see, if you are opting for presumptive taxation, then there cannot be any disallowance for expenses if TDS has not been deducted. However, there is no specific exemption from compliance with TDS provisions. So keep that in mind.