TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2011
A FIRM/CO. NOT COMING UNDER 44AB IS LIABLE DEDUCT TDS?AND AN INDIVIDUAL ALSO??
16 April 2011
NO...not liable...for TDS
16 April 2011
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. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.
So if Firm or company is not under tax audit even then TDS needs to be deducted.
For more info related to TDS see below article---
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
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. 40 lakh or Rs. 10 lakh respectively (the limits will be Rs. 60 Lakh or Rs. 15 Lakh respectively w.e.f. 01.04.2010) in previous year, he is required to deduct tax at source.
So if Firm or company is not under tax audit even then TDS needs to be deducted.
For more info related to TDS see below article---
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
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16 April 2011
Thanks for the correction
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