Tds deduction

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Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2015 In a proprietorship firm with a Anuual Turn over of more then 1 crore kindly confirm if
TDS has to be deducted on Payment of interest for unsecured Loans and commission on sale to a person.
Also
* Does TAN returns has to be filed quarterly?
* Any other formalities after TAN regestration?

Amol S Joglekar

Amol S Joglekar (Expert)
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17 March 2015 01. TDS provisions become applicable from the subsequent year. Say 1 crore turnover is achieved for the first time in the financial year 2014-15, the TDS provisions will be made applicable for the financial year 2015-16

02. Quarterly TDS returns are reuired to be filed.

03. Issue the form 16A from the site.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 March 2015 Yes TDS has to be made on such payments. Yes TDS return has to be filed quarterly. Only paying the deducted TDS on or before 7th and filing of return quarterly and issue of form 16A/16.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 March 2015 agreed with above answers.....................

Rupesh Jain

Rupesh Jain (Expert)
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17 March 2015 YOU HAVE TO DEDUCT THE TDS AND DEPOSIT THE SAME BEFORE DUE DATE AND FILE QTY. TDS RETURNS.

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 Thanks all for the Prompt reply.
We have a Auditable excise registered proprietorship Trading Unit since 2 years but we do not have the TAN registration till date and we have to pay commission for FY 2014-15 before 31st March , Kindly also Let me know :
1. Do we require to deduct TDS from the commission paid to the person whose Total Income is below taxable Limit.
2.Or can we pay the Commission without Deducting Tax on the declaration on Form 15(H).
3. If we have to deduct Tax then in how many days we can deposit the TDS deducted.
we Yet have to apply for the TAN No. also.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 March 2015 1. Yes you have to deduct TDS on commision amount.
2. No you can't accept Form 15(H).
3. Thursday, April 30, 2015
Due date for deposit of Tax deducted/collected for the month of March, 2015.