29 October 2017
I had started my textile business in January 2017 and my turnover was less than 1cr. But I went for voluntary Audit. Now for the current financial year I have been deducting Tds from my subcontractors and have paid the TDS Amount to the IT till September but have not filed the quarterly returns of 1st quarter I.e (April - June). Now my query is am I liable to deduct Tds and file quarterly returns because my previous year turnover was less than 1cr?? If not then will my subcontractors be able to claim Tds refund which I have deducted till September and paid to IT?? Please help
01 October 2021
Once you have started deducting TDS, continue it. File TDS return along with payments. After 15 days download form 16A from the site & issue it to your contractors. Based on your return, the TDS will reflect in form 26AS, and they will be able to claim it by filing their ITR.
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