Can a proprietorship firm levy the Tax.
This query is : Resolved
06 July 2009
Hi Experts,
Can a Proprietorship firm deduct the tax against an invoice from the vendor.?
For example,'ABC'is a proprietorship firm. ABC received an invoice from a vendor against "professional fee".
Now while making the payment to vendor against said invoice, whether the TDS amount can be deducted (sec.194J)or not by the Proprietor.?
Thanks,
Vijay
Can a Proprietorship firm deduct the tax against an invoice from the vendor.?
For example,'ABC'is a proprietorship firm. ABC received an invoice from a vendor against "professional fee".
Now while making the payment to vendor against said invoice, whether the TDS amount can be deducted (sec.194J)or not by the Proprietor.?
Thanks,
Vijay
06 July 2009
TDS would be liable to be deducted if the proprietor is liable to audit u/s 44AB in the previous year.
Even if he wants to deduct voluntary there is no problem he can go ahead.
Even if he wants to deduct voluntary there is no problem he can go ahead.
06 July 2009
The liability to Deduct arises if the Accounts are required to be Audited under section 44AB of the Income Tax Act,where there is no liablility to deduct the asseesee should not move to deduct it.Hoever voluntary deduction will induce compliance of TDS Provisios such as filling of return & issue of Certificate.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
