venu (STudent) (75 Points)
13 August 2011Hello Members
Question: A Lady Proprietor selling sarees in a residential house ( Ofcourse registered under Shop and Establishment Act in the labour department) is paying rent of Rs 15500 per month.
Till now no TDS has not been deduted. Can the previous TDS deduction can be made on march.?
As she is a lady proprietor having a PAN Card , Shop and Establishment registration and does not have any TAN or other
How does she will deposit TDS in Govt Account
Please give suggestions
Shreya Aggarwal
(Student)
(125 Points)
Replied 13 August 2011
TDS is required to be deducted by her only when the books of accounts of her business are liable to be audited. She can declare net profit of 8% or more (if gross turnover is less than Rs. 60 lakhs) and escape the audit.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 August 2011
she gets liable to deduct TDS on rent when she get liable to get her books audited u/s 44AB in previous year,
unless she is covered under tax audit, TDS deduction by her is not eligible
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 14 August 2011
She will be liable to apply for TAN only when her books of account of the previous year had been audited U/s 44AB.
Ashok J
(CA Final)
(880 Points)
Replied 14 August 2011
For FY 09-10 if she is covered under tax audit, TDS provisions are applicable to her for FY 10-11. If she doesnt have TAN, apply for it first and then remit the TDS amount......
Devendra
(Chartered Accountant)
(4775 Points)
Replied 14 August 2011
She will have to apply for a TAN and make the payment u/s 194-I on the TAN recieved and then file the TDS Return.
Regards,
Devendra
Ashok kumar
(CA Final)
(587 Points)
Replied 17 August 2011
She will have to apply for a TAN and make the payment u/s 194-I after receipt of TAN and then file the TDS Return.
I don know, why the Tax audit u/s 44AB arises? This issue is not relevant. She should deduct TDS even though her business not covered under 44AB
- Ashok
CAclubindia
