Whether a proprietory firm with turnover<60 lakhs required to file quarterly returns for tax deducted on salary paid or one annual return (i.e. for the 4th quarter) is sufficient, wherein under the salary details sheet tax deductions for the entire year is mentioned?
1 Replies
CA.Mkhandelwal
(Practice)
(156 Points)
Replied 11 November 2011
If the salary for the whole financial year is more than the limit prescribed under the income tax act then TDS has to deduct on monthly basis and then TDS return has to file on quartely basis, otherwise if nil TDS in first three quarter then last return can be file.
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