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Tds applicability (Income Tax)

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This query is : Resolved



( Author )
29 January 2012

HELLO....

IN CASE OF INDIVIDUAL HAVE A BUSINESS AND IT IS FIRST YEAR OF BUSINESS COMMENCEMENT, HIS GROSS RECEIPTS IS ABOVE TAX AUDIT LIMIT AND HE OBTAIN THE TAN NUMBER. AFTER OBTAIN THE TAN IT IS MANDATORY TO DEDUCT TDS AS PER PROVISIONS OF INCOME TAX HOWEVER IT IS FIRST YEAR OF BUSINESS???????


Ravikant

( Expert )
29 January 2012

Deduction of TDS will be mandatory from next year onwards


AVTAR SINGH

( Author )
30 January 2012

SIR BUT IN ABOVE CASE THE INDIVIDUAL HAVE TAN NUMBER?


Ravikant

( Expert )
30 January 2012

if the person making payment is individual or HUF, he is exempt from the provisions of TDS in most of the cases, if he is not required to submit income tax audit report u/s 44AB.

Holding of TAN does not cast reponsibility to TDS if he was not liable to audit in the previous year


AVTAR SINGH

( Author )
31 January 2012

THANK YOU VERY MUCH SIR. CAN YOU GIVE ME ANY CASE REFERENCE ON ABOVE TYPE OF QUERY?


Ravikant

( Expert )
31 January 2012

No cases, it is general provision of Income Tax Act


http://www.wirc-icai.org/material/TDS-WIRC-27%5B1%5D.02.10.pdf


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