Tds liability on partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2013 A Partnership firm during P.Y. 2011-12 not liable for tax audit U/s. 44AB but during the P.Y. 2012-13 firm is covered under Tax audit my question is that whether the Firm is liable to deduct tax at source on expenditure which are subject to TDS liability reply fast its urgent

Guest

Guest (Expert)

16 June 2013 Liability to deduct TDS and provision of Tax Audit are different things operated under different provisions of Law.

Whether the firm liable for Tax Audit or not, but if it is liable to deduct TDS it is mandatory for the firm to deduct TDS.

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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16 June 2013 Yes if in PY 2012-13 the firm is subjected to Tax audit then TDS has to be deducted

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 June 2013 TDS based on monetary limit specified in 44AB is applicable to Individuals and HUF only and not to partnership firm. Therefore, TDS provision applies to partnership firm whether covered under 44AB audit or not.

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