Tds applicability

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Querist : Anonymous

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26 December 2013 shall an individual liable to deduct tds if he not cover under tax audit u/s 44AB.??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 December 2013 the ans is no in such case.

Querist : Anonymous

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26 December 2013 r u sure??

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 December 2013 yes that is the only criteria for deducting tds under various applicable head.

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Querist : Anonymous

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26 December 2013 but i read somewhr dat individual/huf who is not covered u/s 44ab shall also liable to deduct tds under section 192 & 194c.

Querist : Anonymous

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26 December 2013 still m in dilemma..plz hlp

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 December 2013 then what u read is wrong..read it again slowly.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 December 2013 Section 192 states any person so TDS deduction provisions applicable to all assessees whereas section 194C has given exemption that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such sum is credited or paid to the account of the sub-contractor, shall be liable to deduct income-tax under this sub-section. So no TDS deductible u/s 194C in case individual /HUF not liable for audit u/s 44AB.

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Querist : Anonymous

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26 December 2013 aditya thanku for ur rly. bt as per my knwledge individual & huf whaether they r covered u/s 44 ab or not are liable to deduct tds u/s 194c except when dey r paying to contactor exclucively for personal use.

Querist : Anonymous

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26 December 2013 aditya thanku for ur rly. bt as per my knwledge individual & huf whether they r covered u/s 44 ab or not are liable to deduct tds u/s 194c except when dey r paying to contactor exclucively for personal use.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 December 2013 Specified persons u/s 194C liable for TDS deduction:
Explanation.—For the purposes of this section,—
(i) "specified person" shall mean,—
(a) the Central Government or any State Government; or
(b) any local authority; or
(c) any corporation established by or under a Central, State or Provincial Act; or
(d) any company; or
(e) any co-operative society; or
(f) any authority, constituted in India by or under any law, engaged either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both; or
(g) any society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India; or
(h) any trust; or
(i) any university established or incorporated by or under a Central, State or Provincial Act and an institution declared to be a university under section 3 of the University Grants Commission Act, 1956 (3 of 1956); or
(j) any Government of a foreign State or a foreign enterprise or any association or body established outside India; or
(k) any firm; or
(l) any person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, if such person,—
(A) does not fall under any of the preceding sub-clauses; and
(B) is liable to audit of accounts under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such sum is credited or paid to the account of the contractor;

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Querist : Anonymous

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26 December 2013 thnku aditya.now i m clr