TDS APPLICABLITY
CA KAMAL MADAN (CHARTERED ACCOUNTANT) (147 Points)
07 May 2020
Whether New Proprietorship firm required to deduct tds?
2 Replies
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36355 Points)
Replied 07 May 2020
TDS is required to be deducted as per Income Tax act Limits and Rates specified regardless of who you are. If it is crossing the limits specified you have to deduct and deposit in Govt Account. Check TDS rates and applicability in your case and apply for TAN Registration if applicable in your case. There are lot of panel clauses for Non deduction, negligence, errors in deduction of requisite TDS as per Income Tax Act.
CA KAMAL MADAN
(CHARTERED ACCOUNTANT)
(147 Points)
Replied 07 May 2020
I think in case of propship tds is applicable only when its subject to aidit u/s 44AB but since this is new firm tds provision will not be applicable in first year
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