Income tax query
nitin (professional) (83 Points)
10 February 2014nitin (professional) (83 Points)
10 February 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 February 2014
1) No, TDS deduction not required.
2) No, service tax not required
3) Good to maintain books of accounts
4) No, audit not required
5) Yes, advance tax payable.
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 19 February 2014
Yes,agree with MIHIR and how much advance tax is payble on which dates is mentioned in the following attached sheet
nitin
(professional)
(83 Points)
Replied 19 February 2014
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 20 February 2014
Yes,You are liable to deduct T.D.S if rent paid in financial year exceeds rs.180000 provided your business turnover for Last financial year exceed limits specified under sec 44AB and asset should be taken on Rent for business. But in your case it is house taken on rent for your Residential purposes hence T.D.S provisions will not apply!
nitin
(professional)
(83 Points)
Replied 20 February 2014
CA SUKSHAM ARORA
(CA)
(569 Points)
Replied 20 February 2014
ACCORDING TO ME, TOTAL INTEREST PAYABLE U/S 234C IF THE TAX IS PAID UPTO 15-03-2014 IS RS.712.00
PFA
REGARDS
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 20 February 2014
There will be no penalty but you are liable to pay Interest u/s 234C and Interest Payable under this section is as our Suksham Arora said it is rs712