tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 November 2010
Are TDS Provisions applicable for first year of audit?
30 November 2010
Yes.
It is not concerned on how many years of establishment.
Once the payment exceeds the prescribed limit as per the respective sec, the provisions of TDS apply.
It is not concerned on how many years of establishment.
Once the payment exceeds the prescribed limit as per the respective sec, the provisions of TDS apply.
30 November 2010
Where the payer is an individual or HUF whose accounts are required to be audited as per the provisions of section 44AB of the Act for the immediately preceding financial year, he has to deduct tax at source.
If your accounts are subject to tax audit for the assessment year 2009-10 under section 44 AB of the Income-tax Act, 1961, your are liabile to deduct TDS on your payment for the assessment year 2010-11.
If your accounts are subject to tax audit for the assessment year 2009-10 under section 44 AB of the Income-tax Act, 1961, your are liabile to deduct TDS on your payment for the assessment year 2010-11.
30 November 2010
@ Madhusudan Sir
"Once the payment exceeds the prescribed limit as per the respective sec, the provisions of TDS apply."
TDS is not required to be deducted even if the threshold limit is crossed in case of Individual/ HUF deductor who is not subject to Tax Audit.
"Once the payment exceeds the prescribed limit as per the respective sec, the provisions of TDS apply."
TDS is not required to be deducted even if the threshold limit is crossed in case of Individual/ HUF deductor who is not subject to Tax Audit.
30 November 2010
agreed with sanjay sir
30 November 2010
Whereas the answer given by Madhusudan for companies & firms is correct whereas answer given by Sanjay for Individuals & HUFS is correct.
30 November 2010
ya. So, in the case of individual and HUF, TDS provisions will not be applicable in the first year of audit
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
