Tds
kannan (proprietor) (32 Points)
18 June 2016
My yearly turnover Rs.40 L,But we paid Rs.50000 monthly rent,can i deduct tds?
3 Replies
Mohan
(Audit Assisstant & Accounts Manager)
(489 Points)
Replied 18 June 2016
Depends upon whether you are a corporate assessee or not and if not then whether you are covered under section 44AB. If you are corporate assessee then you must deduct tax. If not then whether this is your first year of tax audit. If not then you should obtain TAN and deduct tax.
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 19 June 2016
If you are an individual not subject to tax audit u/s 44AB then you are not required to deduct TDS on such payment.
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