Tds by individuals under tax audit
This query is : Resolved
17 November 2014
My client is an individual having business or professional income exceeding 1 crore and his income assessed under tax audit. He is liable to deduct tds on all his payments attracting tds. He is renovating his personal House property ( self occpied ) as well as HP that is let out for rent. Is he liable to deduct tds on these contract payments? OR he has to deduct only for his business related expenses?
17 November 2014
He has to deduct tds on the expenditures which are specifically incurred for the purpose of business only........
Message likes :
1 times
17 November 2014
Since your client is liable for Tax Audit, he is responsible for deduction of TDS from out of all payments done by him on behalf of business,.If he is running proprietorship business and using his House property in business then he has to deduct TDS out of payment made to contractors. Regrads'
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
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
