Kindly advise whether the TDS is deductible U/s.194C towards the payment made during the FY 2011-12 by an individual to individual, if the turnover during the FY 2010-11 was above Rs.60 lacs
17 September 2012
Yes TDS is required to be deducted in the given case.
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 Tax Audit is applicable in previous year, TDS is required to be deducted.
CAclubindia
