Tds on professional services
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2012
My client turnover was 55 lac & this fiscal year it has exceeded Rs.1 Crore on 12th october,2012.He has already given payment of Rs.100000/- towards professional fees for consultancy & others without deducting TDS on the same as the turnover was less than Rs.1 crore till 12th October,2012.Now from 12th october,2012 he to pay Rs.20000/- towards professional fees.should he deduct TDS on Rs.20000/- only or Rs.120000/-.
14 October 2012
First of all we need to check weather ur client is individual or company. if company then tds deduct on full Rs.120000 and if individual then check last year. u filled return u/s 44AB or 44AD. If u filled Return u/s 44AB then u need to deduct on full amount of Rs.120000 otherwise no need to deduct TDS but u should apply for TAN Number and deduct TDS from very first day of next financial year irrespective your turnover exceed Rs.1 Crore or Less
07 October 2021
For Individuals/HUF, the tds liability arise from next fiscal year.
For others. you need to deduct TDS right from Rs. 1, when the limit exceeds as specified under the section.
For others. you need to deduct TDS right from Rs. 1, when the limit exceeds as specified under the section.
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