17 December 2014
Hi, I want to know whether TAN no is applicable to partnership firm (Restaurant)? Just started new Restaurant & paying rent of Rs.75000/pm.
17 December 2014
Yes.It applies to Partnership firms whether the turnover exceeds Rs.1 crore or not.Obtain TAN in applying with Form 49B.Deduct 10% of TDS on rent as rent per annum is going to exceed Rs.1,80,000/.Deduct on entire rent amount from the beginning.File quarterly TDS returns within time else you will be paying Rs.200/- per day penalty.
18 December 2014
on partner ship firm tds applicable from first day . you have to apply for tan and also deduct the tds as per income tax act. apply on form 49B.
CAclubindia
