TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2010 A assessee is having turnover of Rs.70 lacs in one firm and already deducting and depsoting the TDS. He is contructing a factory with new firm name, Is on labour payment he has to deduct TDS or not.

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
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13 July 2010 Dear Ajay

Kindly let me know if the firm is in the capicity of Individual or partnership. If the Other firm in the control of the same Individual than the liability of TDS is attracted otherwise no.

If its is a firm (Partnership) than the liability is automatically attracted.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 July 2010 If the income is assessable under same PAN then he has to deduct TDS.

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Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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13 July 2010 When the individual carried on different businesses but under the same PAN then it should be taken together. However TDS deduction will depend upon the TAN. If TAN is on the name of the individual then it can use his TAN for both the businesses. But if TAN is on the name of the business then that can be used for that business only.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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13 July 2010 If old firm is individual capacity and New firm name is also in individual capacity.

Then You have to deduct tds becasue the person will liable for tax audit.