When to deduct tds
This query is : Resolved
18 October 2012
Dear friends,
my clients tournover is not exceeding the audit limit but it may or may not exceed at the end of the year.
i want to know that whether he is liable to deduct the TDS or not because right now its tournover is not exceeding 1cr but it may or may not exceed 1 cr at the end of year.
please tell me asap.
my clients tournover is not exceeding the audit limit but it may or may not exceed at the end of the year.
i want to know that whether he is liable to deduct the TDS or not because right now its tournover is not exceeding 1cr but it may or may not exceed 1 cr at the end of year.
please tell me asap.
18 October 2012
the liability to deductTDS has nothing to do with the prescriibed audit limit of 1 cr..
18 October 2012
TDS provisions will applicable once you paid any sum to anyone provided that payment type should be come under payment type discribed in TDS related law (192,193,194,195 etc..) and whenever threshold limit will be crossed, you have to deduct TDS or otherwise Govt is levied penalty.
For this you have to apply for the TAN registration, if not having and deduct the TDS Wherever it is applicable by law.
For this you have to apply for the TAN registration, if not having and deduct the TDS Wherever it is applicable by law.
18 October 2012
one cr . is the threshold limit for getting the books audited..
the threshold limit for levy of tax has nothing to do with the getting the books audited
the threshold limit for levy of tax has nothing to do with the getting the books audited
18 October 2012
But my client is individual and the payment is contractual payment and he is liable to deduct the tds only when he comes under tax audit.
when he is not comming under audit tds provision is not applicable to him.
but in my case it is not determinable that he will come under udit or not.
when he is not comming under audit tds provision is not applicable to him.
but in my case it is not determinable that he will come under udit or not.
18 October 2012
But my client is individual and the payment is contractual payment and he is liable to deduct the tds only when he comes under tax audit.
when he is not comming under audit tds provision is not applicable to him.
but in my case it is not determinable that he will come under audit or not.
when he is not comming under audit tds provision is not applicable to him.
but in my case it is not determinable that he will come under audit or not.
18 October 2012
since he is an individual the threshhold limit is 200000..so u sud deduct tds
18 October 2012
still unable to understand when he is not liable to audit,he is not liable to deducted the tds.
under the it provision when individual and huf is liable to audit only then he is liable to deduct tds.
kindly clear to my query.
thanks in advance
under the it provision when individual and huf is liable to audit only then he is liable to deduct tds.
kindly clear to my query.
thanks in advance
18 October 2012
can u pls clear under which IT provision..can u mention the section,any link or so..may be i m confused
18 October 2012
Mr. CA Sambhu For the purpose of Individuals/Huf is liable to deduct TDS only if their sales or gross receipts or turnover exceeds the limits prescribed u/s44AB in the immediately preceding financial year. Thus if your previous year turnover doesn't exceeded the 44AB turnover then you need not to deduct in this year as well as if you turnover for this year exceeded the 44AB turnover then you have to deduct in the next year only not liable for this year i.e turnover exceeded 44AB limit year.
But however this provision doesn't apply for some types of payments and making TDS. I.e the above provision applicable for TDS deduction according to the sections 194A,194C,194H,194I & 194J only for all other cases i.e TDS would be deducted other than these sections then you have to deduct TDS irrespective of turnover.
OM SAI SRI SAI JAI JAI SAI
But however this provision doesn't apply for some types of payments and making TDS. I.e the above provision applicable for TDS deduction according to the sections 194A,194C,194H,194I & 194J only for all other cases i.e TDS would be deducted other than these sections then you have to deduct TDS irrespective of turnover.
OM SAI SRI SAI JAI JAI SAI
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