Tds applicability
This query is : Resolved
29 January 2012
HELLO....
IN CASE OF INDIVIDUAL HAVE A BUSINESS AND IT IS FIRST YEAR OF BUSINESS COMMENCEMENT, HIS GROSS RECEIPTS IS ABOVE TAX AUDIT LIMIT AND HE OBTAIN THE TAN NUMBER. AFTER OBTAIN THE TAN IT IS MANDATORY TO DEDUCT TDS AS PER PROVISIONS OF INCOME TAX HOWEVER IT IS FIRST YEAR OF BUSINESS???????
IN CASE OF INDIVIDUAL HAVE A BUSINESS AND IT IS FIRST YEAR OF BUSINESS COMMENCEMENT, HIS GROSS RECEIPTS IS ABOVE TAX AUDIT LIMIT AND HE OBTAIN THE TAN NUMBER. AFTER OBTAIN THE TAN IT IS MANDATORY TO DEDUCT TDS AS PER PROVISIONS OF INCOME TAX HOWEVER IT IS FIRST YEAR OF BUSINESS???????
29 January 2012
Deduction of TDS will be mandatory from next year onwards
30 January 2012
SIR BUT IN ABOVE CASE THE INDIVIDUAL HAVE TAN NUMBER?
30 January 2012
if the person making payment is individual or HUF, he is exempt from the provisions of TDS in most of the cases, if he is not required to submit income tax audit report u/s 44AB.
Holding of TAN does not cast reponsibility to TDS if he was not liable to audit in the previous year
Holding of TAN does not cast reponsibility to TDS if he was not liable to audit in the previous year
Message likes :
1 times
31 January 2012
THANK YOU VERY MUCH SIR. CAN YOU GIVE ME ANY CASE REFERENCE ON ABOVE TYPE OF QUERY?
31 January 2012
No cases, it is general provision of Income Tax Act
http://www.wirc-icai.org/material/TDS-WIRC-27%5B1%5D.02.10.pdf
http://www.wirc-icai.org/material/TDS-WIRC-27%5B1%5D.02.10.pdf
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
