Tds

This query is : Resolved

C.A. Anthony C D'souza (Querist)
Follow

10 August 2011 An individual owning plot has given contract to an engineer (Individual) for constructing “9 blocks apartment“. Engineer has used his own material & labour. Payments were made to engineer in installments. After completion of the apartment the owner is selling blocks to various buyers from August 2011.
1)The owner has started business during the year 2009-2010 and Payments are already made to engineer during the year 2009-2010 without deducting TDS.
2)In which year TDS is required to be done?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

10 August 2011 TDS is required to be deducted in the year next to the year in which the turnover crossed 60 lakhs in case of an individual.

So if your turnover was more than 60 lakhs in the PY then you have to deduct TDS in the current year.