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Tds for partnership firm

03 May 2024

whether it is mandatory to deduct tds on rent if rent is more than 2,40,000 in a year if turnover is below 1 cr and tax audit not applicable ?

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5 Replies

Nikhil Kaushik (Fellow CA) (86102 Points)
Replied 03 May 2024

yes. TDS is applicable in such case. If the rent exceeds Rs 2.4 Lakhs, there is no exemption from TDS deduction for firms regardless of wether audit is applicable or not.

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shashi kiran (6 Points)
Replied 03 May 2024

If turnover income is declared under sec 44Ad also mandatory

CA Anoop Kumar Sharma (Accounts Manager) (2070 Points)
Replied 03 May 2024

YES, TDS should be deducted in the case of Firm if amount cross threshold limit

Nikhil Kaushik (Fellow CA) (86102 Points)
Replied 03 May 2024

see, if you are opting for presumptive taxation, then there cannot be any disallowance for expenses if TDS has not been deducted. However, there is no specific exemption from compliance with TDS provisions. So keep that in mind.