Tds
This query is : Resolved
07 May 2015
basic qualification for TDs payer?
07 May 2015
http://www.lessmytax.com/persons-liable-to-deduct-tax-at-source-tds/
08 May 2015
Who shall deduct tax at source?
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 the turnover or professional receipt exceeds sum of Rs. 100 lakh or Rs. 25 lakh respectively in previous year, he is required to deduct tax at source. Example: Tax Audit is applicable in FY 2013-14 so TDS required to be deducted from FY 2014-15.
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 the turnover or professional receipt exceeds sum of Rs. 100 lakh or Rs. 25 lakh respectively in previous year, he is required to deduct tax at source. Example: Tax Audit is applicable in FY 2013-14 so TDS required to be deducted from FY 2014-15.
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