TDS Apllicable or not

This query is : Resolved

NK1976

NK1976 (Querist)
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08 April 2011 Dear Sir,
One of my client the discontinue of proprietorship business activities from April 2010, Now he started new proprietorship business other trade name from April-2011. In FY 2009-10 he has deducted TDS on Interest, commission & other contract and paid to Government Accounts. In FY 2011-12 the TDS will applicable or not on Interest & commission & others. I think this is the first year of business as a proprietorship concern thus the TDS not applicable. The business turnover for FY 2010-11 will around 70 & 90 Lacs. Kindly suggest the same.

Thanks & Regards
(N. Kadam )

prasad

prasad (Expert)
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08 April 2011 Yes, since 2011-12 is the first year of operation as proprietor TDS on interest and commission is not applicable, though the turnover may exceed the Tax audit limit of Rs.60.00 lacs for FY 2011-12.