TDS

This query is : Resolved

Manasa Ranjan Samal (Querist)
Follow

02 February 2011 Sir,
Plz. reply
Is there any limit of turnover, a firm/company will deduct TDS on payment after crossing the limit during their business?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

02 February 2011 No there is no limit.

Message likes : 1 times

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

02 February 2011 If the tax audit 1st applies to a company in 2009-10. TDS provision applies from the next financial i.e 2010-11.

Upgrade to CAclubindia Pro. Subscribe Now!

Manasa Ranjan Samal

Manasa Ranjan Samal (Querist)
Follow

02 February 2011 Sir,
Does not the provision of TDS apply before the 1st tax audit to a Company in 2009-10?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

02 February 2011 Subash this is case of Companies and firms and not individual & HUF.

For companies and firms TDS liable from 1st day itself. Kindly see the provisions and revert.

Manasa Ranjan Samal

Manasa Ranjan Samal (Querist)
Follow

02 February 2011 Sir,
Is there any provision for Individual & HUT for TDS in this case?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

02 February 2011 If individual and HUFs subject to tax audit in the previous year say F. Y. 2009 - 10 then they are liable for deduction of TDS from next year i. e. F. Y. 2010 - 11.

Message likes : 1 times

Guest

Guest (Expert)

02 February 2011 Agree with Mr. Aditya

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!