Tds
This query is : Resolved
05 August 2015
sir,
l m asking in case of partnership firm . which you are telling is in case of individual.
firm commenced in f y 2015-16 only. till August payment is made of rent and till now rent paid is 150000 which doesnot exceed limit of 180000. I m asking after September rent will exceed 180000 now he will liable to deduct tds. can assessee deduct tds of april to sep in sep only . in this case is he liable for intt on tds ?
i have read somewhere in first yr if this situation exist than assessee will not b liable for intt and penalty if deduct nd deposit the tds .
05 August 2015
that rule applies only to Ind and huf and not to firms so in your case u need to deduct tds on whole of amount ri8 from beg
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