Hi,
I have a proprietorship firm with annual Turnover of INR 60 Lakhs with 10 employees. Is it mandatory to deduct TDS while paying salary as we donot come under Tax Audit.
Lucky (Director) (35 Points)
30 March 2022Hi,
I have a proprietorship firm with annual Turnover of INR 60 Lakhs with 10 employees. Is it mandatory to deduct TDS while paying salary as we donot come under Tax Audit.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
Lucky
(Director)
(35 Points)
Replied 30 March 2022
Thank You @ Eswar Reddy. Appreciate your response. Would you be able to mention the section which you are referring?
Lucky
(Director)
(35 Points)
Replied 30 March 2022
Also what is the threshold limit, under how much income can I be exempted from deducting tds on salary?
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
Lucky
(Director)
(35 Points)
Replied 30 March 2022
No my question is, I have a proprietorship firm with annual Turnover of INR 60 Lakhs with 10 employees having average salary of INR 7,00,000 Per employee per Year. Is it mandatory to deduct TDS while paying salary as we donot come under Tax Audit.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
Lucky
(Director)
(35 Points)
Replied 30 March 2022
Ok. Thanks.
I was under the impression that TDS deduction is not required on Salary since the firm is not liable for tax audit.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
Lucky
(Director)
(35 Points)
Replied 30 March 2022
Thanks for the clarification but is it mandatory because some references say it is not due to not eligible for tax audit.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 30 March 2022
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