I had recently started proprietorship concern. I have to pay monthly rent (above 1,20,000) for the office & paid to contractor (above 20,000) for wooden work. Please tell me that this is right to deduct the TDS from the payment. I have TAN No. with my Individual name. Please guide me. [Thanks in Advance]
Dear Kumar,
First of all congratulation for starting a new business. you are not liable to deduct TDS. Please write me any query related to taxation my email id is sachinagarwalcallb @ gmail.com
Since your gross receipts or turnover did not exceed the limit specified u/s 44AB in preceding FY, you are not liable to deduct TDS
CAclubindia
