to who Tds is applicable whether Partnership or Proprietorship or Both……………….?
8 Replies
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 07 January 2009
Normally both but if it is TDS on contractor's fees than Individual is not liable to deduct TDS.
CA Parvin Ahuja
(Chartered Accountant)
(408 Points)
Replied 08 January 2009
In the case of a partnership firm TDS is applicable from day one. But in the case of a proprietorship firm(Individual) TDS is applicable for salaries paid without any condition. Other provisions of TDS are applicable only if turnover or gross receipts of the assessee, as the case may be, exceeded the prescribed limits under section 44AB of The Income Tax Act,1961.
CA Parvin Ahuja
(Chartered Accountant)
(408 Points)
Replied 08 January 2009
In the case of a partnership firm TDS is applicable from day one. But in the case of a proprietorship firm(Individual) TDS is applicable for salaries paid without any condition. Other provisions of TDS are applicable only if turnover or gross receipts of the assessee, as the case may be, exceeded the prescribed limits under section 44AB of The Income Tax Act,1961.
HARSHIT KABRA
(STUDENT)
(81 Points)
Replied 08 January 2009
The explanation given by CA Pravin Ahujaji is the proper solution to your query..I do agree with him
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 08 January 2009
TDS provisions are applicable to partnership firm irrespective of their turnover. However, an individual or HUF, whose books of accounts are required to be audited u/s.44AB during the financial year immediately preceding the financial year in which the income is to be credited or paid, shall be liable to deduct TDS under the provisions of Sec.194A, 194C, 194H, 194I and 194J. TDS provisions of Sec.192 are applicable to individual or HUF provided they are paying taxable salary during the year irrespective of fact whether they were liable for tax audit in preceding year or not.
Atul Kumar
(CA)
(504 Points)
Replied 13 January 2009
Pravin & Ashok has given correct solution to your query.
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