TDS

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2011 A FIRM/CO. NOT COMING UNDER 44AB IS LIABLE DEDUCT TDS?AND AN INDIVIDUAL ALSO??

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

16 April 2011 NO...not liable...for TDS

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

16 April 2011 Who shall deduct tax at source?

Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.

However in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in respect of individual and HUF, only if the turnover or professional receipt exceeds sum of Rs. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.

So if Firm or company is not under tax audit even then TDS needs to be deducted.

For more info related to TDS see below article---

https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

16 April 2011 Thanks for the correction