03 July 2023
Is it mandatory to deduct TDS by flat owners for the payment done to a party from their collective bank account?. They are registered under 'Association of person'.
Collective Bank account in the sense, all the flat owners transfer their maintenance amount to a single bank account which opened under flat A/c and from there the payments are made.
Eg: If they pay an amount of Rs.110000/- to a contractor for garden maintenance. Does the flat owners need to deduct TDS.
03 July 2023
As they are registered as Association of person TDS has to be deducted. TDS has to be deducted by AOP as there is no exemption for the same and subject to the limits of Sec 194c, it's one lac.
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