I HAVE COME TO KNOW THAT A PROPRIETOR FIRM NEED NOT TO DEDUCT TDS & SERVICE TAX DURING ITS STARTING FIRST FINANCIAL YEAR WHETHER IT COMES UNDER TAX AUDIT OR NOT.IS IT TRUE?
27 April 2012
service tax shall be applicable as soon as ur receipt croses Rs. 10 lacs. but yes in the very first year of the propriteorship business you are not required to deduct the tax at source.
CAclubindia
