Assesee is an individual and was having below 1 cr turnover in last financial year. this current year assesee has exceeded its turn over limit more than 2 cr in first quarter itself. He is also making payment to contractor for jobwork, payment for salary, commission. whether TDS u/s 194C 194H, 192 is applicable to assesee? whether he is require to deduct TDS?
As per section 192C, TDS is applicable only if assesee having tax audit in last financial year and 194H has prescribed the turnover limit.
3 Replies
CA ABHAY GUPTA
(Practice)
(3235 Points)
Replied 05 September 2020
Since the last year turnover was 1 crore no need to deduct TDS in the current FY while you made payment to contractor or commission or professional income but such thing is not mentioned in sec 192 thus TDS need to be deducted on salary payment as per slab rate
sabyasachi mukherjee
(27713 Points)
Replied 05 September 2020
Tds has seperate threshold limit.
Adhere to that.
Adhere to that.
Ajay
(CA Job)
(512 Points)
Replied 05 September 2020
Dear Aarti
In the case of the individual assessee, he need not deduct TDS under Section 194C and 194H for FY 2020-21 if his turnover in the preceding financial year (FY 2019-20) does not exceed Rs.1 Crore.
However, being an employer, he will have to make TDS on salary irrespective of his turnover in the preceding year as long as the amount payable to the employee(s) is above the exemption limit.
Regards
Ajay
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