27 August 2010
THE ASSESSEE IS A CONSULTANT(ARCHITECTURE)WHOSE ACCOUNT IS AUDITED SINCE LAST 3 YEARS U/S.44AB. DURING THE F.Y. 2009-10, THE ASSESSEE(PROPRIETOR)SPENT AMOUNTING OF RS.15 LAKH FOR RENOVATION OF HIS HOUSE & PAYMENT MADE THROUGH BUSINESS BANK ACCOUNT AND THE SAME AMOUNT DEBITED TO PROPRIETOR CAPITAL A/C(NOT CLAIMED AS BUSINESS EXP.). IN THE ABOVE CIRCUMSTANCE LET ME KNOW WHETHER THE TRANSACTION IS LIABLE FOR TDS U/S.194C.
27 August 2010
No, Provisions of TDS is not applicable. As this is not debited to Profit & loss account hence the non applicability of tds provisions does not make the effect on calculations of taxable income.
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