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Liability to deduct tds for non-audit assessees

yashsr (CA) (2285 Points)

17 September 2012

Hello,

I'm a proprietor of a firm whose turnover in Financial Year 2011-12 was Rs.50 lacs and hence not liable to tax audit. For what kinds of payments am I liable to deduct TDS in Financial Year 2012-13?

Also, is the answer different when despite not being liable for tax audit last year I still got my accounts audited by a CA?

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4 Replies

Sunil (Trader) (2611 Points)
Replied 17 September 2012

Salaries u/s 192, Payments to Non Residents u/s 195.

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Sunil (Trader) (2611 Points)
Replied 17 September 2012

I think if you are a contractor then payment to sub contractor under 194-C will also get covered.

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yashsr (CA) (2285 Points)
Replied 17 September 2012

Originally posted by : Sunil
	Salaries u/s 192, Payments to Non Residents u/s 195.

Is that it? Any other section in which deduction of TDS is required?

Sunil (Trader) (2611 Points)
Replied 17 September 2012

If you are not u/s 44AB then these 3 secions. in 194C you exclude your personal expenses to contractors under setion 194C. If you pay your servant a salary greater than the taxable slab you have to deduct even if it is personal expense. These are assuming that you are below 1 cr turnover of business.

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