What is the Turnover limit for Registration of TAN for Propritorship firm. Sir, my turnover is between Rs. 8 lakhs to Rs. 12 lakhs only for the last 7 years and I am not covered under Section 44AB for tax audit.
One employee is working with me to whom I am giving salary of Rs.25,000. Employee is claiming Rs.47,000 school fee of her two children and i think stanowdard deduction of Rs.40,000 from this financial year as per ITR1 FY 2017-18 & AY 2018-19.
Requested to clarify.
Sir,
TAN is not based on Turnover limit. A person is required to deduct TDS in a FY if he was liable to tax audit u/s 44AB in the previous financial year. So in your case its not mandatory hence you may not apply for TAN. But you still can do on volunatry basis if you wish to do so.
CAclubindia
