Sanjeev Singla (Chartered Accountant) (59 Points)
08 January 2013A Proprietor has taken the consultancy from CA Firm. The Consultancy Charges are more than Rs. 30000/- in a year. But proprietor did not have TAN Number or have not applied yet.
Now question :- who is liable to deduct TDS or PAY Tds or can he pay the whole amount to CA firm without deducting TDS???
What is best remedy available for him to avoid disallowance in his books...?? Reply ASAP
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 08 January 2013
In case of an individual if the turnover in the last FY is less than 60lacs i.e. if tax audit u/s 44ab is not applicable, than he is not required to deduct TDS in the current year, if in ur case the propritor is liable to tax audit in the last year than he has to apply for TAN No. & also deduct TDS & if he is not liable for tax audit in the last year TDS provisions are not applicable.
CA Prashant Gupta
(DGM (F & A))
(14068 Points)
Replied 09 January 2013
| Originally posted by : Gaurav A. Potdar | ||
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In case of an individual if the turnover in the last FY is less than 60lacs i.e. if tax audit u/s 44ab is not applicable, than he is not required to deduct TDS in the current year, if in ur case the propritor is liable to tax audit in the last year than he has to apply for TAN No. & also deduct TDS & if he is not liable for tax audit in the last year TDS provisions are not applicable. |
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