Related to tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2016
In Case of Proprietorship Firm following point to be considered & then reply me that whether firm will liable for TDS liability or not in F.Y. 2015-16:-
1. last year (F.Y. 2014-15) firm turnover was less than 1 Cr. i.e. under the limit of 44AB.
2. As per TDS Sec 194C if the amount of a particular contract exceed RS. 30000/- or the total amount of contract during the whole year exceeds Rs. 75000/- then TDS liability will incurre.
3. In F.Y. 2015-16 the limit of contract during the whole year Rs. 75000/- will cross by firm.
Now the my Question is whether firm will liable to deduct TDS u/s 194C or not ???????
1. last year (F.Y. 2014-15) firm turnover was less than 1 Cr. i.e. under the limit of 44AB.
2. As per TDS Sec 194C if the amount of a particular contract exceed RS. 30000/- or the total amount of contract during the whole year exceeds Rs. 75000/- then TDS liability will incurre.
3. In F.Y. 2015-16 the limit of contract during the whole year Rs. 75000/- will cross by firm.
Now the my Question is whether firm will liable to deduct TDS u/s 194C or not ???????
17 May 2016
As per sec194c, any individual or HUF whose books of account are audited under section 44AB during immediately preceding Financial year is liable to deduct tax.
So Proprietorship Firm is not liable to deduct TDS in above case.
Regards
CA MITHIL MUNOT
camithilmunot@gmail.com
So Proprietorship Firm is not liable to deduct TDS in above case.
Regards
CA MITHIL MUNOT
camithilmunot@gmail.com
Message likes :
1 times
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
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- 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
