Valerian Dsouza (Manager Audit & Taxation) (413 Points)
23 February 2015A proprietory concern had below auditable turnover for last 3 years. This year crossed turnover of 1 crore in Feb 2015. Whether TDS provisions will apply for FY 2014-15? Interest/ penalty provisions would apply sice last 3 quaters returns not filed? Is there any way out?
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 23 February 2015
Dear Sir
Since you are a proprietory concern and your turnover has crossed in Feb 2015 the statutory limit for deduction of TDS as u told, No Need to file tds return for earlier quarter (Q-1, Q-2 & Q-3 ) b.coj you were not eligible to deduct tds.
Just simply apply for TAN no. and start deduct TDS from Feb 2015.
CAclubindia
