IS AN A.O.P IS LIABLE TO DEDUCTED TDS ON ANY PROFESSIONAL BILL OF ANY DENOMINIATION, OF ANY INDIVIDUAL OR A COMPANY?
3 Replies
Jimmitt
(Student CA Final )
(44 Points)
Replied 18 February 2013
Yes Only if the AOP is covered under the provisions of section 44AB Audit, in the concerned Financial year.
Under section 194A, 194H, 194-I and 194J, an individual or HUF has been
made liable to make T.D.S. only if his or its total sales, gross receipts or
turnover from the business or profession carried on by him during the
immediately preceding year exceed the monitory limit specified under
clause (a) or clause (b) of section 44AB for the financial year in which such
payment is made. It has to be noted that for F.Y. 2010 -11, the liability for
TDS has to be ascertained with respect to the limits of turnover/receipt
prescribed for F.Y. 2010-11 i.e. of Rs.60.00 Lakhs or Rs.15.00 Lakhs and
not the limits prescribed for F.Y. 2009-10 i.e. of Rs.40 Lakhs or Rs.10
Lakhs. So although, the turnover limit is to be looked into for F.Y. 2009-10
but it has to be judged with the limits prescribed u/s. 44AB for F.Y. 2010-
11. Accordingly, an individual having turnover of Rs.55 Lakh s during F.Y.
2009-10 would not be liable for making any T.D.S. , under the above
sections, during the F.Y. 2010-11.
Else no.
Provisions applicable to Individual HUF AOP BOI AJP all are similar.
Chetan Dikshit
(Assisstant General Manager-Taxation )
(28 Points)
Replied 28 September 2015
can i get any extract from income tax saying that for dedcution of TDS under section 194 A, AOP is also at par with Individual and HUF for requirement of Tax Audit under section 44 AB for the previous year.
Karthik.V.Kulkarni
(Chartered Accountant)
(594 Points)
Replied 29 September 2015
Hi Sowmya,
TDS has to be deducted by AOP as there is no exemption for the same and subject to the limits of Sec 194J.
Regards
Karthik V Kulkarni
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