arpit (Manager) (247 Points)
28 July 2013
Gowtham
(Student CA IPC / IPCC)
(119 Points)
Replied 28 July 2013
You have to deduct TDS As per Income tax act
arpit
(Manager)
(247 Points)
Replied 28 July 2013
sanjay singhal
(CA)
(987 Points)
Replied 28 July 2013
Sunil
(Trader)
(2611 Points)
Replied 28 July 2013
Firms have to deduct TDS irrespective of Turnover. Only Individuals and HUF not subbject to 44AB audit do not have to deduct TDS except for following cases where they too must deduct:-
Salaries
Individual / HUF Contractors paying / crediting to a sub contractor.
Malav
(CA Practice )
(11 Points)
Replied 28 July 2013
Following persons are liable to deduct the tax at source:-
A) All Individuals (Including sole-proprietorship concerns) and HUF, who are not covered under tax audit, shall deduct TDS against all the specified payments except:-
B) Individual/HUF who are covered under tax audit, will deduct tax at source on all specified payments.
C) Partnership firms and Companies and persons other than individuals and HUF, will deduct tax at source on all specified payments.
Tax audit: A person is liable to get its account audited u/s 44AB of Indian Income Tax Act, if the gross receipts or gross turnover exceeds Rs.60 lacs during financial year and Rs. one crore during financial year 2012-13 in case of a business and in case of profession the gross receipts exceeding Rs.15 lacs in financial year 2011-12 and Rs.25 lacs in financial year 2012-13.
Note: Payments made by individual/HUF against specified payments, shall not be liable for deduction at source for following purposes:-
Naveen
(Asst Account)
(27 Points)
Replied 13 August 2014
If the bill raised by the contractor is of a Partnership Firm, then whoes PAN is required individual or firm
Naveen
(Asst Account)
(27 Points)
Replied 13 August 2014
If the bill raised by the contractor is of a Partnership Firm, then whoes PAN is required Individual or Firm
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