13 December 2016
As Per Provisions of IT Act, Individual/HUF who are covered under tax audit, will deduct tax at source on all specified payments. And Persons other than individuals and HUF, will deduct tax at source on all specified payments.
Now Actual Query is..
(i) Does a non-auditable partnership firm/company has to deduct tds ?
(ii) Does an individual has to deduct tds on purchase of immovable property even if he is not covered under tax audit ?
13 December 2016
The provision of TDS are applicable on individual/huf only when there receipts during the previous year exceeds the limit specified U/s 44AB (a) or (b). But other parties have to deduct TDS even if not covered under Tax Audit. As regards Sec 194IA is applicable to every one whether covered under tax audit or not irrespective of his status.
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